GCL-Poly will invest some $200 million to build a 2GW solar wafer manufacturing plant in Xuzhou, according to Reuters. The company hopes to slash production costs to $30 per kg from $36 per kg by the end of 2010, by recycling their materials and producing its own electricity, CFO Samuel Tong said in the report.
The firm has secured contracts to supply its customers including top Chinese solar cell makers Suntech and JA Solar, with a total of 15,400MW of solar wafers and 33,000 tonnes of polysilicon by 2015, the report said.
GCL-Poly plans to seek out additional investment opportunities in solar energy but will remain focused on its core power generation business, according to company VP Barton Yu.