GCL-Poly Investment Limited has signed a letter of intent with China Merchants New Energy Limited and China Technology Development Group Corporation to develop 973 MW of photovoltaics in China between 2013 and 2015.
The parties say they will collaborate to finance, develop and construct photovoltaic plants both in China and abroad. The projects are expected to comprise ground-mounted plants, distributed photovoltaic stations and rooftop systems.
According to a statement released, the "preliminary plan" is to develop 200 MW in 2013, 300 MW in 2014 and 473 MW in 2015 in such areas as north west, east and north China. While China Merchants New Energy will finance and own the projects, GCL-Poly will carry out EPC work, and obtain both land and electricity tariff approvals. Meanwhile, China Technology, a subsidiary of China Merchants New Energy Group Limited, will be responsible for aiding project procurement.
Under the agreement, "GCL-Poly and China Merchants New Energy agreed that the acquisition of the shares of GCL-Poly’s projects will be based on an IRR hurdle rate set by China Merchants New Energy," continued the statement.
The two parties have further agreed that GCL-Poly will transfer its U.S. solar plant assets’ equity interests to China Merchants New Energy, and that they will develop other photovoltaic projects together overseas. Project and location specifics were not unveiled.
"We are well positioned in both the project applications and approvals for the 'Golden Sun' solar subsidy program based on our unique resource advantages," stated Zhu Gongshan, chairman of GCL-Poly. "Through this cooperation, we expect to further expand our system integration and PV rooftop solar power system business to the high potential China and US solar markets."
Highlighting the company's shift to the downstream business, GCL-Poly has unveiled a number of new project partnerships this year, both in China and abroad.
For instance, at the start of June, GCL-Poly and Phono Solar Inc. announced their intentions to develop photovoltaic projects in China. Meanwhile, in May, the polysilicon producer signed strategic cooperative letters of intent with Winsun New Energy Co., Ltd and Jiangsu Shunfeng Photovoltaic Technology Co., Ltd to develop projects in Europe and "other designated regions". In both instances, the parties declined to divulge any concrete information.
Also in May, GCL-Poly and Spain-based Isofoton S.A. signed a memorandum of understanding, under which they plan to develop one GW of plants across the globe and, in February, it joined forces with U.S. company NRG Solar LLC to establish a new solar company, Sunora Energy Solutions 1 LLC. Each party owns 50 percent. Again, the parties declined to provide any further information.
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