Wells Fargo Finances Solar Projects for Schools

Wells Fargo declared that it has invested in six solar projects for schools to generate around 6 MW of clean power.

The installations were completed by GCL-Poly Energy, a China- based solar company. The company has plans to fund over $100 million to solar projects in 2011 as a part of its joint program declared in November last year.

The 1.2 MW solar project completed for the University of San Diego incorporates around 5,000 solar panels. The panels were installed over the roofs of the academic buildings, parking structure and residence halls. The power generated from the facility will meet nearly 15% power requirement of the University. The five solar projects completed for the Antelope Valley Joint Union High School District vary from 200 kW to 1.2 MW. The five school projects are part of the 10 projects to be completed in Los Angeles area in the early part of 2011.

The schools will purchase electricity generated from the installations through a long term power purchase agreement. The installed systems will enable the school district to save over $40 million in their energy spending over a period of 20 years.