Chinese module manufacturer GCL System Integration Technology (GCL SI) shipped 16.42GW of solar module capacity in 2023.
During 2023, the company continued to focus on increasing its annual production capacity with a focus on n-type solar cells and modules. At the end of the fiscal year, GCL SI had an annual nameplate capacity of 30GW for modules.
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Among the projects the company carried out in 2023 was the first phase of its module assembly plant in Hefei, China, which reached full capacity and had 15GW of annual capacity. The module assembly plant in Hefei has enhanced its equipment to be compatible with tunnel oxide passivated contact (TOPCon) modules and better align with n-type technology trends.
Once all phases are completed, the Hefei plant will have a 60GW annual capacity nameplate, while the Funing module assembly plant reached its targeted annual capacity of 12GW high-efficiency modules.
Moreover, GCL SI is also expanding its cell capacity, with the first phase of the 20GW Wuhu cell plant becoming operational in October 2023 and with 10GW of n-type cell annual capacity, for which the company expects to raise up to RMB4.8 billion (US$672 million) to fund the plant.
Among the company’s plans for 2024 is to reduce manufacturing costs as it continues to grow its production capacity, with the aim of increasing operating income by more than 50%. Aside from increasing its annual module capacity, GCL SI targets to increase investment in research and development (R&D) and establish a dedicated R&D unit for solar cells.
Increased revenues in 2023 and Q1 2024
Furthermore, the company disclosed its revenues for the fiscal year of 2023, which increased by 91.2% from 2022 to 2023 to US$2.2 billion. The Chinese solar manufacturer carried its growth into 2024 with an operating income of US$407.1 million in the first quarter of 2024, up 89.97% year over year.
During Q1 2024, the Chinese module manufacturer secured several module procurement by winning a bid from state-owned China Resources New Energy Group to supply 1.56GW of n-type modules to a facility in Hotan, China. In India, the company secured two supply agreements with utilities NTPC and SJVN Green Energy for 1.1GW and 550MW of module supply, respectively.
