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GCL-Poly secures 1GW projects in US funded by Merrill Lynch

Feb. 15, 2012 (China Knowledge) - GCL-Poly Energy Holdings Ltd<3800>, a foreign-owned independent cogeneration plant operator in China, will start 1 gigawatt of solar power projects in the U.S. funded by Bank of America Merrill Lynch or BofA Merrill, according to the website of Hong Kong-listed GCL-Poly Energy.

As parts of the initial deal, the solar power project contractor will develop 15 facilities totaling 5 megawatts of solar power systems funded by BofA Merrill to serve the Palmdale School District located in southern California, via a U.S. subsidiary GCL Solar Energy Inc.

Todd Karas, head of BofA Merrill's Renewable Energy Finance Group, said the cooperation with GCL-Poly Energy will help build more public utilities in the U.S. with more jobs be created.

GCL-Poly Energy, which had a wafer annual output capacity of 6.5 GW at the end of last July, aims to ramp up its poly-silicon output capacity to 65,000 metric tons per year by the middle of 2012 or before, sources reported.

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