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.
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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.