The joint venture company, which will be headquartered in Santa Monica, California, has more than 1,100MW of PV development projects in its portfolio, primarily in the 5MW to 20 MW size range proposed on 40 different sites secured across the US.
Under the terms of the joint venture that plans to start construction on up to 400MW of PV projects in the near term, SolarReserve will be responsible for all aspects of project development, while GCL will oversee PV vendor selection, construction and long-term financing for the PV projects.
GCL-SR Solar Energy will combine GCL knowledge of PV technology and EPC experience with SolarReserve’s solar project development experience to deliver viable, cost effective projects for their utility customers and meet the nation’s renewable energy goals.
SolarReserve CEO Kevin Smith said that this joint venture with GCL to develop distributed PV projects represents a natural fit for SolarReserve.
"The PV projects will complement our portfolio of almost 3,000MW of large-scale solar thermal power projects which will utilize the molten salt power technology SolarReserve has under exclusive license from United Technologies," Smith said.
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