GCL-Poly completes sales of 48 MW solar projects in California

20. November 2012 | By:  GCL-Poly

GCL Solar Energy Inc., a wholly owned subsidiary of GCL-Poly Energy Holdings Limited announced the completion of sales of two solar photovoltaic (PV) projects (“Projects”) totaling approximately 48 megawatts DC with an undisclosed buyer for a total consideration of approximately US$50.5 million.

The two projects, situated in Tulare County and Kings County California, will be owned and operated by the undisclosed buyer and will provide enough power to serve over 8,000 homes. Each year the solar generation is expected to avoid nearly 40,000 tons of carbon dioxide, which is the equivalent of removing nearly 7,500 cars from the road every year for the life of the projects. The power and environmental attributes are being sold to Pacific Gas and Electric Company (PG&E) under 25-year power purchase agreements.

Mr. Zhu Gongshan, Chairman of GCL Poly, said "In addition to the 92MW projects we sold earlier in July this year, the successful sale of the two projects demonstrates our ability to provide developing and executing large-scale solar farms. This also solidifies our position to further expand from our over 1GW solar farm pipeline we have in the US, and set another good execution example for our dual-core strategy."