GCL Poly to become GCL New Energy

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The holding company of Chinese solar company GCL Poly is set to change its name to GCL New Energy Holdings Limited in order to "reflect the diversification and expansion into the renewable energy sector", read a statement posted on the company’s website this week.

The polysilicon and wafer giant has evolved its business output in recent months, and faces 2014 with a determination to massively develop its presence in the construction of large-scale renewable energy and PV power plants.

Already approved by the board of directors, the GCL New Energy name will now have to be approved by shareholders and the Stock Exchange of Hong Kong Limited before becoming official.

Last month, pv magazine reported that the company once again topped the global charts for crystalline silicon and wafer production, and will likely do so again in 2014, with analysts from both IHS and GTM Research expecting the company to produce more than 65,000 tons of crystalline silicon and more than 9,000 tons of wafers this year.

Yet despite this dominance, the company has diversified into other segments of the PV industry. In January GCL Poly completed and connected a 160 MW worth of PV plants in China and more recently acquired a $186 million stake in printed circuit board maker, Same Time Holdings Limited. The company has a further 100 MW of PV projects currently under construction.