The PV industry’s largest polysilicon and solar wafer producer, GCL-Poly Energy Holdings has signed its eighth supply contract with bankrupt PV module manufacturer, Shanghai Chaori Solar. GCL-Poly is in the process of becoming a majority shareholder in the struggling firm.
GCL-Poly said that it had entered into its eighth module sales agreement with Chaori Solar, which included the purchase of both 300W and 305W modules for its downstream PV power plant projects, totalling around 30MW at a cost of around US$19.6 million (US$0.65/W). Payment conditions were similar to other recent deals.
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GCL-Poly also noted that Chaori Solar expected to conduct a Board meeting in early February to appoint GCL-Poly members as part of the majority share takeover plans.
Chaori Solar is a customer of GCL-Poly for multicrystalline and monocrystalline wafers.