In November 2010, Wells Fargo and GCL-Poly Energy Holdings announced their collaboration on a US$100 million fund that would go towards the establishment of U.S. solar PV projects through 2011. Today, the two companies have released that the tax equity financing for the solar projects at the University of San Diego and five high schools in the Antelope Valley Joint Union High School District have reached completion. These are the first projects to be completed under the agreement between Wells Fargo and GCL Solar Energy.
The University of San Diego is now home to a 1.2MW solar system that spans across the rooftops of academic buildings, residence halls, parking structures and a pavilion using 5,000 solar panels. The installation was completed through a partnership between GCL Solar and Amsolar.
The Antelope Valley Joint Union High School District has five new projects that were completed in December 2010. The projects range in size from 200kW to 1.2MW and are a part of a series of projects that will be completed at 10 schools in the greater Los Angeles area over this year. GCL, along with its partner PsomasFMG, claim that once all the solar projects for the school district are complete, this will be the largest solar power installation at any one school district in the U.S. Over 41,000 solar panels will be used in the projects.
Both the University of San Diego and the Antelope Valley Joint High School District will buy the electricity produced from the systems on their campuses under a long-term power purchase agreement.