GCL-Poly Energy Holdings has entered into acquisition agreements with the indirect shareholders of Konca Solar Cell in which the company will indirectly acquire a controlling stake of 70.19% in Konca Solar at an aggregate consideration of RMB854.1 million (€86.1917 million).
The completion of the acquisitions of the equity interest is subject to the requirements of the listing rules regarding major transactions, and approval from relevant PRC government departments.
Zhu Gong Shan, executive director, chairman and CEO of GCL-Poly, said, ”Konca Solar is a leading wafer supplier in terms of technology, quality, cost control measures and management capabilities and has been supplying wafers to well-known cell manufacturers such as Q-Cells, Conergy, Sharp, Suntech, CanadianSolar and Solarfun for a long time.
“The acquisitions allow the company to expedite the expansion of its wafer business and further integrate down the solar value chain, which in turn will allow the company to effectively ramp up its wafer production capacity and enhance its competitiveness. We believe that our integration with Konca Solar can enable us to enhance operational efficiencies and increase competitiveness. We hope that the acquisitions can be completed successfully,” he continued.
The group has signed long-term sales contracts to supply 15.4GW of wafers and 33,000MT of polysilicon to solar cell and module manufacturers from 2008 to 2015.