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Wells Fargo to Fund $100M in Energy Projects by GCL Solar

Wells Fargo and GCL-Poly Energy Holdings Limited have joined forces in a plan to develop more than $100 million in solar projects in the United States by the close of 2011.

The firms announced the program Monday. Under the arrangement, Wells Fargo is to provide the financing and GCL Solar Energy Inc. -- a subsidiary of GCL-Poly Energy Holdings Limited, China's largest polysilicon producer -- is to build and operate the solar plants.

GCL Solar Energy Inc. is based in San Francisco and was established in 2009 with plans to become a major player in solar power generation projects in North America.

The commitment by Wells Fargo marks the latest major renewable energy investment by the diversified financial services company. Since 2006, Well Fargo has provided more than $2 billion in tax equity financing for renewable energy projects, including 30 wind projects, more than 190 commercial-scale solar projects and a utility-scale solar thermal project.

The investments in renewable energy are part of the company's broader green financing efforts. In March, Wells Fargo said its environmental financing had reached $6.2 billion in loans and investments for green building projects, solar and wind power installments, clean technology and firms that develop it.

Background image -- GCL's Xuzhou 20MW solar farm in China, courtesy of GCL.

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