The electricity generated from the solar power plants, which be built and operated by GCL Solar, will be sold GCL Solar customers, including schools, municipalities, corporations, and utilities under long-term power purchase agreements at rates equal to or lower than traditional utility rates.

Wells Fargo that has provided more than $2bn in tax equity financing for renewable energy projects since 2006 has committed to make this investment to create new jobs in the US and help businesses and public entities better control their electricity costs.

GCL Solar Energy chairman and GCL-Poly Energy executive president, Hunter Jiang said that the company is excited to have the opportunity to partner with Wells Fargo.

“With our continued commitment to bring green power to life and this provision of new capital, we stand ready to invest in the solar business and create more job opportunities in the US,” Jiang said.