GCL New Energy, Inc., a subsidiary of GCL Group, a leading global clean energy conglomerate, has signed a long-term power purchase agreement (PPA) with Intermountain Rural Electric Association (IREA), a Colorado-based utility, to develop the Pioneer 110MW greenfield project in Colorado State.

The Pioneer 110MW project is located on a 611-acre site 35 miles east of Denver, Colorado. The site features flat terrain and high solar irradiance. The Pioneer project is expected to generate approximately 215 million kWh annually, with plans to request grid connection in 2020. The PPA features an initial contract period of 10 years and allows for three 5-year extensions over a 25-year lifespan. The project requires no upfront security deposits and has low grid connection costs.

Through the Pioneer project, GCL New Energy has gained valuable experience in developing greenfield projects in the United States and established a development model for future projects. This process includes land leasing, on-grid feasibility studies, connection agreement negotiation and execution, securing land permits, and PPA negotiation and execution.

GCL New Energy secured the contract by adjusting its PPA negotiation strategy to control development costs and adapt to rapidly changing circumstances, outcompeting all established and well-known developers in the United States.

GCL New Energy has shifted its development strategy from focusing exclusively on the Chinese market to actively expanding in both domestic and international markets, and has increased its capacity for developing overseas solar power generation bases. GCL New Energy maintains three regional headquarters in North America, Japan, and Africa. In 2017, it launched "overseas seed projects" in key international target markets.

Additionally, GCL New Energy is pursuing the international goal of implementing 3GW+ of solar projects by 2020 and is actively seeking strategic partners. GCL New Energy is exploring domestic and international markets with partners such as Power China, CEEC, CGGC, and Shanghai Electric, and has established close relationships with internationally renowned companies including Mitsui, Marubeni, Softbank, ACWA, Masdar, KEPCO, and Macquarie.