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GCL-Poly Energy Holdings Ltd., a leading integrated renewable energy enterprise in the People's Republic of China (PRC), has announced the approved acquisition of 100% equity interest in Jiangsu Zhongneng Polysilicon Technology Development Co., Ltd. Upon completion of this contract, GCL-Poly looks set to become a global leader in the polysilicon manufacturing industry.
Jiangsu Zhongneng is the main operating entity of GCL Solar Energy Technology Holdings Inc. ("GCL Solar") in the PRC. GCL Solar's annual polysilicon production capacity is expected to reach 18,000MT by the end of 2009, with further technical upgrades, its capacity will further expand to 21,000MT by the end of 2010, making GCL Solar also one of the world's five largest polysilicon suppliers.
Mr. ZHU Gong Shan, Chairman and Executive Director of GCL-Poly, said, "Upon completion of the acquisition, GCL-Poly will benefit from GCL Solar's extensive experience in the production of polysilicon to tap into opportunities in the fast growing solar industry. In addition to manufacturing and selling polysilicon, we also plan to leverage our strengths and expertise to engage in downstream businesses, including the development of solar power plants and the production of silicon ingots and wafers. These initiatives will create synergies through vertical business integration."
