GCL-Poly And Isofoton in JV To Develop 1GW Solar Farm Projects

1GW Solar Farm Project between GCL Poly and Isofoton S.A

GCL-Poly Energy Holdings Limited (HK :3800.HK) reported today entry into  a memorandum of understanding (“MOU”) with ISOFOTON S.A. (“ISOFOTON”), a global leader in solar solutions with over 30 years of experience, pursuant to which both parties will jointly speed up the development and utilisation of solar energy and promote the application of clean energy. According to the MOU, both parties plan to co-develop and construct 1GW of solar farms globally.  Companies will create a joint venture to manufacture solar trackers for the PV and HCPV modules used in the project. GCL-Poly is responsible to arrange project finance and EPC services, while ISOFOTON, a pioneer in the design, manufacturing and distribution of solar solutions, will supply modules for the Project and agree to purchase all the wafers and a portion of the cells used in the Project from GCL-Poly. In addition, the Group will consider building a plant with ISOFOTON to manufacture PV/HCPV tracker system. ISOFOTON will provide the leading tracker system technology to the plant.

GCL has a pipeline of products worth 3GW across the US and China.  The company released yesterday its operational results for Q1-2012, showing continuing improvement in cost of production of polysilicon and solar wafers. GCL-Poly Energy has 65,000 MT of polysilicon capacity and 8GW of solar wafer capacity, making it the largest company in the world in those categories.