GCL-Poly inks contracts for 4.15 GW of solar projects

GCL New Energy Holdings Ltd (GCL-Poly) has announced ambitious plans to partner with three Chinese companies on the creation of 4.15 GW of solar PV projects.

In a statement released to the Hong Kong stock exchange, GCL-Poly announced its intentions to add 800 MW of solar PV capacity this year, and 3 GW by 2016. In order to achieve such lofty goals, the Chinese solar company has signed partnerships with three prominent companies in the country.

Guodian unit GD Solar Co. will work with GCL-Poly to develop 3 GW of PV capacity, and have already entered into an agreement to help GCL-Poly buy 255 MW of solar PV projects that Guodian already owns.

An additional framework agreement is in place between GCL-Poly and Xi’an Huanghe Photovoltaic Technology Co., to develop the 150 MW Yulin Hengshan solar farm of which GCL-Poly will take a 49% stake. A further collaboration with CSR Zhuzhou National Engineering Research Center of Converters Co. will see GCL-Poly add an additional 1 GW of solar capacity by 2016, with CSR serving as EPC contractor for all projects under the agreement.

GCL-Poly currently has 560 MW of solar PV capacity under construction, and could boast a tangible pipeline measuring more than 1 GW before this latest announcement.