Bank of America to be 'long-term funder' of China's GCL-Poly

China’s GCL-Poly says it plans to use Bank of America Merrill Lynch (BOAML) as a long-term source of funding for its US project portfolio.

The Chinese group says BOAML is financing a 15-site, 5MW solar development in California underway by GCL Solar, its US subsidiary.

A joint statement says both parties "intend for this initial transaction to form the basis of a long-term relationship, to provide funding for a portion of the substantial portfolio of over 1GW of solar projects under development by GCL Solar in the US.

“The financing...gives GCL Solar access to a competitive source of long-term capital for its projects.”

GCL-Poly, China’s biggest producer of polysilicon and a major wafer manufacturer, is significantly Log in to read complete article.

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