GCL Solar Energy and SolarReserve have agreed to enter into a joint venture towards the development, building and operation of solar PV facilities in the U.S. The joint venture, titled GCL-SR Solar Energy, has a 1,100MW portfolio of PV development projects, which range in size from 5MW to 20MW at 40 different sites across the United States. Construction is anticipated to start on up to 400MW of PV projects in the near future.
“This joint venture with GCL to develop distributed photovoltaic projects represents a natural fit for SolarReserve,” said Kevin Smith, SolarReserve’s CEO. “This combination will leverage GCL’s PV technology expertise with SolarReserve’s capabilities in identifying and developing attractive solar energy projects. The photovoltaic projects will complement our portfolio of almost 3,000MW of large-scale solar thermal power projects, which will utilize the molten salt power technology SolarReserve has under exclusive license from United Technologies. To attain our nation’s renewable energy goals, we’re going to need to deploy a number of viable renewable energy technologies, including solar thermal and photovoltaic. Our large scale solar thermal project activities will be maintained independently of our joint venture on photovoltaic projects with GCL.”
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The joint venture will see SolarReserve manage the project development portion the projects, while GCL will take care of PV vendor selection, construction and long-term financing.
