CTDC plans program for 500MW of Chinese commercial rooftop development

Financials

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A five-year program to install around 500MW of PV modules on commercial rooftops for state-owned enterprise, China Merchants Group (CMG) has been established between China Technology Development Group Corporation (CTDC), GCL-Poly and customer, CMG. Through its subsidiaries, CMG claims to have the largest existing, in-progress and proposed warehouse rooftop area available in China, with more than three million square metres to develop PV installations.

Zhenwei Lu, executive president of CMNE, said, "We aim to bring a steady supply of solar electricity to our logistics and industrial zone operations as an innovative solution to upgrade our traditional structure and lead in low carbon development in China."

The projects are planning to benefit from China's Ministry of Finance, BIPV subsidy of RMB 9 per watt, and BAPV of RMB7.5 per watt.

The complex arrangement will include CTDC's wholly-owned subsidiary Sinofield Group managing the program with investment in the company from GCL-Poly and a subsidiary of CMG, China Merchants New Energy Group (CMNE), which has exclusive development rights to the warehouse rooftops of three enterprises of CMG for 25 years.

CTDC said that GCL-Poly would contribute to 20% of Sinofield's increased share capital with HK$48 million (equivalent to US$7.5 million), while CMNE will inject into Sinofield with exclusive rooftop solar development rights of at least 180MW, amounting to 55% of Sinofield's increased capital. According to reports, on the completion of capital increase, Sinofield will change its name to China Merchants New Energy Holdings Company (CMNEHC).

According to a statement, CTDC and CMNE will be responsible for raising funds for all the rooftop projects, while GCL-Poly is to provide EPC services to CTDC, including system integration services. GCL-Poly will include at least 100MW of CTDC's solar modules on an annual basis for an unspecified number of projects.

In addition to the Chinese rooftop program, GCL-Poly and CTDC plan to jointly develop and invest in solar parks in the US. 

Gongshan Zhu, chairman of the board of directors of GCL-Poly, commented. "Based on this agreement, GCL-Poly will be able to further increase the market demand for its polysilicon and wafer. Through partnership with strong strategic partners to expand into the system integration and PV rooftop solar farm business in Mainland China and the US, we are able to maximise shareholder value. We expect that this cooperation will bring the value of GCL-Poly to the China and US markets, which have enormous business potential."
 

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