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

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.

Read Next

October 6, 2022
Waaree Energies has raised US$120 million from investors to expand its module and cell production capacity in India.
October 5, 2022
The rise in solar and wind generation met over three-quarters of the global electricity demand growth in the first half of 2022, according to a report from think tank Ember.
October 5, 2022
The Arkansas Public Service Commission has approved Entergy Arkansas’ 250MW Driver Solar Project located near Osceola in Mississippi County.
PV Tech Premium
October 4, 2022
Maxeon’s interim CEO talks to PV Tech about capacity expansions, smart home solutions and the company’s search for a new CEO.
October 4, 2022
The government of India has released guidelines on the second round of its Production Linked Incentive (PLI) scheme designed to develop greater domestic PV production and slash the country’s reliance on imports.
October 3, 2022
Australia’s Renewable Energy Agency (ARENA) has launched a AUS$43 million (US$27.7 million) Industrial Energy Transformation Studies Program aimed at identifying opportunities to reduce energy costs and emissions in the country’s industrial sector.

Subscribe to Newsletter

Upcoming Events

On-Demand Webinars, Solar Media Events
October 11, 2022
Virtual event
Upcoming Webinars
October 18, 2022
10am (EDT) / 4pm (CEST)
Solar Media Events
November 29, 2022
Malaga, Spain