GCL New Energy Holdings (GNE), the downstream independent PV power producer arm of leading polysilicon and solar wafer producer GCL-Poly Energy Holdings, has secured a HK$8,000 million (US$1.02 billion) in new finance.
US-based solar module technology firm Solaria Corporation, which filed suit against GCL Solar Energy, Inc., a subsidiary of GCL-Poly Energy Holdings as well as Seraphim Solar System Co. Ltd due to claims of IP theft and breaches of Non-Disclosure Agreements has settled the litigation with GCL-Poly.
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 sold a 10% share in its planned 60,000MT polysilicon plant in Xinjiang, China for around US$22 million (RMB 150 million) to monocrystalline wafer producer Tianjin Zhonghuan Semiconductor Co.
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.