GCL-Poly Energy Holdings Limited and Bank of America Merrill Lynch announced the closing of an initial transaction to fund solar power systems developed by GCL-Poly’s US subsidiary GCL Solar Energy Inc. (“GCL Solar”). This initial transaction involves the financing of 15 separate sites, totaling 5MW of solar power systems serving the Palmdale School District located in southern California.
Both GCL-Poly and BofA Merrill intend for this initial transaction to form the basis of a long-term relationship to provide funding for a portion of the substantial portfolio of over 1GW of solar projects under development by GCL Solar in the United States. The financing being provided by BofA Merrill gives GCL Solar access to a competitive source of long-term capital for its projects.
“We are excited to have the opportunity to team with BofA Merrill,” said Shu Hua, Executive President of the Group. “With our continued commitment to bringing 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 U.S.”
“At BofA Merrill, we continue to see value from the lending and investing we’re doing through our environmental business initiative and we are proud to expand our commitment to growing the U.S. solar market by working with a respected industry player like GCL-Poly,” said Todd Karas, head of BofA Merrill’s Renewable Energy Finance Group. “The solar projects developed by GCL Solar will create new jobs in the U.S. and help businesses and public entities better control their electricity costs.”