Wells Fargo, one of the largest banks in the United States, and GCL Solar, a leader in solar energy equipment, formed a partnership to build photovoltaic power plants across the country. The venture will make solar power more readily available, decreasing the environmental toll of other energy sources like oil and coal.

Wells Fargo committed $100 million to the project and will finance the plants that GCL Solar will build and operate. The move allows GCL Solar to provide a cleaner, more cost efficient energy to its customers – a diverse group that includes schools, municipalities, businesses, and utilities.

Barry Neal, director of Wells Fargo's Environmental Finance Group, stresses the dual benefit of the move. He emphasized that it will both grow "the US solar market by working with a respected industry player" and "create new jobs in the U.S. and help businesses and public entities better control their electric costs."

The deal allows GCL Solar's customers to purchase electricity from the plants at a rate equal to or lower than traditional utility rates. Through its collaboration with Wells Fargo, the Chinese-owned GCL Solar aims to become a leading provider of solar power in the U.S.