Consolidated Edison acquires 92MW solar projects from GCL in US

Consolidated Edison Development (CED) has completed the acquisition of two solar photovoltaic (PV) projects from GCL Solar in US.

The two PV projects located in the Alpaugh in Tulare County in California’s Central Valley can cumulatively produce 92MW of clean energy and provide electricity for almost 15,000 homes.

The projects are expected to displace nearly 80,000 tonnes of carbon dioxide, which is the equivalent of removing nearly 15,000 cars from the road every year.

GCL Solar CEO Peter Xie said the company has closed a solar farm transaction of such scale, the largest ground-mounted solar project GCL Poly has ever developed.

"The successful completion of the two projects totaling 92 MW DC demonstrates our ability to provide development, construction and financing of large-scale solar farms," Xie added.

"We continue to execute our dual core strategy where we produce high quality polysilicon and wafer in the upstream and develop solar farm projects and provide system integration services in the downstream."

CED will own and operate the projects which are expected to achieve commercial operations in the final quarter of 2012.

Under a 25 year power purchase agreement Pacific Gas and Electricity Company will buy the electricity generated from the plants and will own the environmental attributes too.

US based CED, a wholly owned subsidiary of Consolidated Edison, focuses on the development, ownership and operation of renewable and energy infrastructure projects.

GCL Solar Energy, a wholly owned subsidiary of GCL-Poly Energy Holdings supplies polysilicon and wafers and is a top green energy investor and operator.