GCL plans to set up $95m solar fund, enter Australian PV market

GCL System Integration Technology, the world’s largest crystalline silicon wafer producer and one of the top-10 module producers, seeks to implement its plans to “aggressively expand market share outside of China”, announced by the supervisory board chairman Shu Hua earlier this year.

In its statement to the Shenzhen stock exchange on Monday, GCL reveled its plans to purchase a 51% stake in One Stop Warehouse Pty, which sells solar systems in Australia, for $7.3 million.

Another statement delivered on the same day announced that the company would set up a $95 million fund in a partnership with China’s Bank of Suzhou Co. to invest in the solar industry. The bank will provide 430 million yuan (about $66 million) for the fund and GCL the remainder.

GCL System Integration Technology has shipped between 2.5 to 2.7 GW of solar modules in 2015. The manufacturer has module production capacity of 3.7 GW and plans to reach 6 GW in 2016. It aims to be present in 17 solar markets globally by the end of this year.