The deal, which allows the company access to a maximum amount of RMB 5 billion, is provided through the banks Suzhou branch. The opening of the credit facility continues the firms plans to push into new markets. Last week, its holding company announced that it intended to change its name to GCL New Energy as a reflection of this. In addition, it has 100 MW of projects under construction, has purchased a $186 million stake in Same Time Holdings, and has completed and connected 160 MW of domestic plants.
Recent analyses from IHS and GTM Research predicted that the company would produce more than 65, 000 tonnes of crystalline silicon and more than 9, 000 tons of wafers in 2014.
Mr. Zhu Gongshan, chairman of the board of GCL-Poly, said: The support from China Development Bank will strongly promote the development of GCL-Polys solar farm business. We will continue to increase R&D investment in the area of technology innovation in order to achieve vertical integration along the solar value chain.
The rapidly expanding Chinese market is being heavily buttressed with government investment. Reports in February showed an intention that the Chinese Development Bank Corporation would be used to provide state support to a list of companies. The list is being compiled through recommendations from provincial authorities and has a deadline of Wednesday this week. Those eligible for financial backing must be able to show they shipped 1, 500 metric tons of polysilicon or 400 MW of solar modules, cells, or wafers in Q3 2013. Companies must also show gross margins in excess of 10% for the same period.
That is not the only State-produced list. In January, the Ministry of Industry and Information technology produced in English a cull list of 109 companies in an effort to limit domestic production capacity, reduce oversupply, and introduce greater standardization.