GCL raises $500m for multiple solar investments

China Shenzhen listed company GCL Integrated, announced this week that it is going to raise funds of around $500 million by private placement of more than ten private investors. The funds raised will be put into several important solar investments, and also used to boost operating capital.

Approximately $242 million will be invested into GCL’s production lines of its high-efficiency crystalline cells, aiming for a capacity of 1,600 MW. This ramp up project will incorporate PERC multicrystalline cell, black silicon, and N-type double-sides monocrystalline cells. The expected conversion ratio for the PERC multi cell is between 19.5% and 20.5%, and the figure for N-type double-sides monocrystalline cell is between 20% and 21%.

Another capacity expansion project is the 250 MW production line of ultra-high efficiency HIT PV cells, with an investment of some $88.7 million heading that way. As a PV product with the highest conversion ratio, the expected efficiency is as high as 25.6%, and at around 23% for mass-produced cells.

GCL estimates that the first project will be completed in around 20 months’ time, and the latter within 24 months. Both of the projects will be located in Xuzhou city, Jiangsu province.

Besides GCL’s PV cell capacity expansion, the company also intends to invest around $24.4 million in its battery storage project, extending the production of its newly new battery product, E-KwBe, that was unveiled at SNEC 2016 in Shanghai. GCL believes that this battery will be an important link in its integrated PV solution to customers both inside and outside of China.

Meanwhile, as much as $152 million will be added into the operating capital of the company to increase GCL’s capability for quicker response and better service.