Leading polysilicon and multicrystalline solar wafer producer, GCL-Poly Energy Holdings has reported a loss of RMB 1,011.4 million (US$150.7 million) for its ‘Solar Material Business’ unit in 2018, citing the demand impact from the China 531 New Deal that led to overcapacity and rapidly falling selling prices.
The first wave of public listed China-based, China centric PV manufacturers reporting first half year financial results offers insight into the impact on companies after the Chinese Government capped utility-scale and distributed generation (DG) PV power plant projects at the end of May, 2018.
Leading polysilicon and solar wafer producer GCL-Poly Energy Holdings reported lower revenue and profits than expected in the first half of 2017, primarily due to wafer price erosion, only partially offset by higher wafer production volumes and stable polysilicon prices.
Leading polysilicon and solar wafer producer GCL-Poly Energy Holdings has experienced a rise in polysilicon prices over the last 12 months, while experiencing a similar decline in the selling prices of solar wafers, causing a collision in prices going in the opposite direction that massively impacted its wafer operations profitability in the first quarter of 2017.
Since Wacker Chemie opened its new 20,000MT polysilicon plant in Charleston, Tennessee in 2016, there was a good chance that the German-headquartered chemicals firm could overtake incumbent market leader, GCL-Poly.