GCL-Poly units starts PV development venture

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GCL System Suzhou — a wholly owned unit of GCL System Integration — will contribute 98 million yuan, while Suzhou GCL New Energy will invest 102 million yuan, according to a statement to the Hong Kong stock exchange. 

Suzhou GCL New Energy — an indirect subsidiary of GCL-Poly, the world’s biggest polysilicon and wafer producer — will take a 51% stake in the venture, while GCL System Suzhou will hold the remaining equity interest.

They did not say how much capacity they plan to build, but GCL System Suzhou will refer future development opportunities it identifies to the joint venture. It will also supply PV modules for the venture’s planned installations.

The venture will help reduce project-related capital commitments for the entire group, while strengthening its consolidated revenues and assets.

Group parent GCL New Energy Holdings has the right to acquire and sell any projects completed under the venture.

In early January, SunEdison Semiconductor agreed to transfer intellectual property of its fluidized bed reactor (FBR) polysilicon technology to GCL-Poly, clearing the way for the sale of the business to the Chinese company.