US bank Wells Fargo will invest $100m by the end of 2011 to finance the development of solar photovoltaic power projects throughout the US by GCL-Poly subsidiary GCL Solar Energy.

The funding will help provide a clean and reliable source of electricity to customers, including schools, municipalities, corporations, and utilities.

The solar power plants will be built and operated by GCL Solar and the electricity generated will be purchased under long-term power purchase agreements, at rates equal to or lower than traditional utility rates.

Wells Fargo has provided more than $2bn in tax equity financing for renewable energy projects since 2006.