GCL SI to raise up to US$670 million to fund 20GW TOPCon cell plant in China

Facebook
Twitter
LinkedIn
Reddit
Email
Aerial view of GCL SI’s 20GW TOPCon cell plant in Wuhu for which the capital raised will be directed towards. Image: GCL SI, via LinkedIn.

Chinese solar manufacturer GCL System Integration (GCL SI) has received approval from the Shenzhen Stock Exchange Listing Review Center to raise up to RMB4.8 billion (US$673 million).

After deducting issuance fees, the net proceeds of RMB 3.4 billion will be used to fund the 20GW TOPCon (tunnel oxide passivated contact) solar cell plant in the province of Anhui, China. The second phase of 10GW capacity is currently under construction.

This article requires Premium SubscriptionBasic (FREE) Subscription

Unlock unlimited access for 12 whole months of distinctive global analysis

Photovoltaics International is now included.

  • Regular insight and analysis of the industry’s biggest developments
  • In-depth interviews with the industry’s leading figures
  • Unlimited digital access to the PV Tech Power journal catalogue
  • Unlimited digital access to the Photovoltaics International journal catalogue
  • Access to more than 1,000 technical papers
  • Discounts on Solar Media’s portfolio of events, in-person and virtual

Or continue reading this article for free

The first phase of the plant was commissioned earlier this year, which was completed in five months with the capacity expected to increase during the fourth quarter of 2023, the company said at the time. The first phase, with an annual production capacity of 10GW, reached full production capacity last month, said GCL SI.

A maximum of 1,755,094,928 shares to specific investors are planned to be issued, representing no more than 30% of the company’s total share capital.

On top of the 20GW TOPCon solar cell plant in Wuhu, the manufacturer is building two module assembly plants, with the largest one located in Hefei and with an annual capacity of 60GW of modules once fully operational. The first phase of that project reached a capacity of 15GW last year.

The other plant is located in Funing and is expected to have an annual capacity of 12GW of high-efficiency modules with a target to be operational by the end of 2023.

Furthermore, in its preliminary results for the first half of the year – which saw its net profit jump by nearly 220% from H1 2022 – the company unveiled it targeted to reach a 30GW annual nameplate capacity production for modules by the end of the year. Operating revenue in Q3 2023 was up 93.4% year-over-year to RMB3.8 billion.

Read Next

Premium
June 9, 2025
N-type polysilicon prices have dropped to RMB34,000/ton as the project installation rush ends, putting cost pressure on the industrial chain.
June 5, 2025
Solar manufacturer Involt Energy has broken ground on its first solar cell manufacturing plant in the western Indian state of Gujarat, with an initial annual nameplate capacity of 1.78GW. 
June 4, 2025
Chinese PV module manufacturer Haitai Solar has announced the termination of a 10GW TOPCon and the reallocation of investment to fund an Indonesian facility.
June 2, 2025
The LECO process used in the production of TOPCon solar cells could increase their resistances by 'orders of magnitude', per new research.
Sponsored
May 28, 2025
Ben Willis speaks to Astronergy about its next-generation TOPCon offering and the advantages of its zero-busbar module design, both of which were on show at Intersolar 2025.
May 12, 2025
Researchers from the University of New South Wales (UNSW) and the University of Newcastle have found that “hidden contaminants” in TOPCon and HJT modules can lead to a power loss of up to 16%.

Subscribe to Newsletter

Upcoming Events

Solar Media Events
June 17, 2025
Napa, USA
Upcoming Webinars
June 30, 2025
10am PST / 6pm BST
Solar Media Events
July 1, 2025
London, UK
Solar Media Events
July 1, 2025
London, UK
Solar Media Events
September 16, 2025
Athens, Greece