GCL-Poly bails out Chaori Solar and plans to dispose of wafer business

Facebook
Twitter
LinkedIn
Reddit
Email

The largest polysilicon producer, GCL-Poly Energy Holdings and a group of other investors are to take a majority shareholding in bankrupt PV module manufacturer, Shanghai Chaori Solar. The company also announced plans to dispose of its wafer production business, which has recently been expanded to a nameplate capacity of 13GW. 

GCL-Poly said in a financial statement that a restructuring plan had been approved by the creditors of Chaori Solar on October 23, 2014 and the Shanghai Municipal First Intermediate People’s Court on October 28, 2014.

This article requires Premium SubscriptionBasic (FREE) Subscription

Try Premium for just $1

  • Full premium access for the first month at only $1
  • Converts to an annual rate after 30 days unless cancelled
  • Cancel anytime during the trial period

Premium Benefits

  • Expert industry analysis and interviews
  • Digital access to PV Tech Power journal
  • Exclusive event discounts

Or get the full Premium subscription right away

Or continue reading this article for free

The deal involves Jiangsu Golden Concord the holding company of GCL-Poly and eight other investors subscribing to 1,680,000,000 shares in Chaori Solar for approximately US$238 million. 

Jiangsu Golden Concord would own a 30% interest in the module manufacturer and combined with other investors take a 66% majority share holding. GCL-Poly had been a supplier to Chaori Solar. 

Chaori Solar was the first company to default on bonds in China and had been one of many zombie companies in China. The company went bankrupt as it attempted to restart production to catch the boom in the Chinese market.

Wafer manufacturing disposal 

GCL-Poly also announced that it planned to dispose of its wafer manufacturing operations before the end of 2014. The company is also the world’s largest wafer producer with a nameplate capacity of 13GW. 

The company said Zhu Yufeng, an executive director of the company and trustee of Jiangsu Golden Concord could potentially be the buyer along with unidentified investors. 

Financial terms and the reason behind the potential disposal were not disclosed. 

Read Next

September 12, 2025
Colombian energy supplier Celsia is seeking more than US$1.2 billion in investment to build wind and solar generation projects in Peru. 
September 12, 2025
German trade association BSW-Solar has called the German government for a simplified, standardised and more digitalised grid access for solar PV and energy storage operators.
September 12, 2025
ACME Venus Urja has secured INR3.8 billion (US$43 million) to develop and construct a solar-plus-storage project in Barmer, Rajasthan.
Premium
September 12, 2025
Vote Solar's Sean Garren tells PV Tech Premium that Georgia Power's latest IRP is 'skewed so heavily towards fossil fuels'.
September 11, 2025
Founder Group has won a RM10 million (US$2.3 million) engineering, procurement, construction and commissioning contract for a 30MW solar plant in Malaysia.
September 11, 2025
German renewable energy developer ib vogt has signed a 70MW solar PV virtual power purchase agreement (vPPA) in Romania.

Subscribe to Newsletter

Upcoming Events

Solar Media Events
September 16, 2025
Athens, Greece
Solar Media Events
September 30, 2025
Seattle, USA
Solar Media Events
October 1, 2025
London, UK
Solar Media Events
October 2, 2025
London,UK
Solar Media Events
October 7, 2025
Manila, Philippines