GCL companies investing US$290 million in new PV power plant business

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A key aspect in the new business is ensuring PV module supply for projects from GCL System Integrated. Image: GCL

Several GCL companies are forming a new joint venture (JV) unit to focus on downstream PV power plants that would be involved in the development, investment, construction and sale of projects with an initial investment of around US$290 million.

Downstream publically listed PV power plant development firm, GCL New Energy, which is an indirect subsidiary of publically listed upstream polysilicon and wafer producer, GCL-Poly is teaming with publically listed PV cell and module manufacturer, GCL System Integrated, via its wholly-owned subsidiary, GCL System Suzhou. 

GCL New Energy will hold a 51% equity interests in the JV, while GCL System Suzhou would have a 49% stake. A key aspect in the new business is ensuring PV module supply for projects from GCL System Integrated, while GCL System Suzhou would lead in project development, providing GCL New Energy options to co-develop and sell projects. 

According to the companies, the development of PV projects in the JV would reduce the capital commitment required from GCL New Energy compared to developing projects on its own.

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