GCL-Poly Energy Holdings Limited (“GCL-Poly”, “the Group”, stock code: 3800.HK) announced that it will invest in and build 2 solar projects totaling approximately 84 megawatts, developed by solar energy developer Solar Projects Solutions, LLC (“SPS”). The construction of the projects is expected to commence in 2011, and will reach commercial operation in 2012.
The projects are located in the California Central Valley in Tulare County and have executed power purchase agreements with Pacific Gas & Electric (“PG&E”). Once built, the systems will utilize approximately 300,000 photovoltaic panels and is expected to supply 151,000 MWh to PG&E annually.
“GCL-Poly’s investment into these projects is in line with the Group’s plan to grow and develop its environmentally-friendly power business globally,” said Shu Hua, Executive President of the Group. “By building these projects, GCL-Poly takes an important step in executing its dual-end strategy along the solar value chain, from polysilicon and wafer manufacturing, to system integration and solar power plant development.”