Three Major Solar PV Funding Rounds Close

This week saw the close of three major financing deals for solar developers in China, Europe and the U.S.

The first was a $100 million investment from Wells Fargo in a Chinese polysilicon producer and PV project developer, GCL Solar Energy. GCL says it will use the capital to develop projects for schools, government buildings and utilities. Wells Fargo has already poured around $2 billion into the renewable energy sector since 2006, mostly in the form of tax equity.

The entrance of this Chinese firm into the U.S. is evidence that foreign players are increasingly eyeing the country as the next booming solar market. Last month, the Solar Energy Industries Association said that the American market could realistically be 10 GW per year by 2020.

The second round of financing went to Borrego Solar for six PV projects worth $36 million. U.S. Bank and East West Bank led the round. The California projects include a 1.2-MW system at Madera Community Hospital and a 1.8-MW system for the San Diego County Water Authority.

Borrego will sell power to the site owners under power purchase agreements.

The third major announcement came from the U.S.-based private equity firm First Reserve Corporation, which entered into a euro 276 million project financing agreement to acquire a 70-MW PV plant in Italy. The project was originally developed by Sun Edison.

Six different banks participated in the financing agreement.

These are just three more pieces of proof that with a solid project, there’s still money available.



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