China: GCL-Poly to develop 973 MW of PV

Share

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."

Project activity

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.

Popular content

This content is protected by copyright and may not be reused. If you want to cooperate with us and would like to reuse some of our content, please contact: editors@pv-magazine.com.

Share

Related content

Elsewhere on pv magazine...

Leave a Reply

Please be mindful of our community standards.

Your email address will not be published. Required fields are marked *

By submitting this form you agree to pv magazine using your data for the purposes of publishing your comment.

Your personal data will only be disclosed or otherwise transmitted to third parties for the purposes of spam filtering or if this is necessary for technical maintenance of the website. Any other transfer to third parties will not take place unless this is justified on the basis of applicable data protection regulations or if pv magazine is legally obliged to do so.

You may revoke this consent at any time with effect for the future, in which case your personal data will be deleted immediately. Otherwise, your data will be deleted if pv magazine has processed your request or the purpose of data storage is fulfilled.

Further information on data privacy can be found in our Data Protection Policy.