GCL-Poly signs credit deal with China Development Bank


The deal, which allows the company access to a maximum amount of RMB 5 billion, is provided through the bank’s Suzhou branch. The opening of the credit facility continues the firm’s 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-Poly’s 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.”

Popular content

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.

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.


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Your email address will not be published.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.