GCL-Poly Secures Approval for HK$17.7 Billion China Expansion

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Friday, 18 February 2011 20:23

Theindonesiatoday.com - The board of GCL-Poly Energy Holdings Limited has approved an investment of HK$17.7 billion in the polysilicon and wafer facilities in China for 2011 and 2012.

At the end of 2010, GCL's annual production capacities of polysilicon and wafer were approximately 21,000 MT and 3,500 MW respectively. Upon completion of the technology upgrade and capacity expansion, annual production capacity of polysilicon is expected to achieve 25,000 tons by end of 2011 and up to 65,000 tons by mid 2012.

Wafer annual production capacity, meanwhile, is expected to be ramped up to 6,500 MW by the end of 2011.

The new investment will be funded by the group's internal resources and borrowings.

GCL plans to increase its wafer production capacity in Jiangsu province at its existing plants in Xuzhou, Wuxi, Suzhou, and Changzhou. New wafer plants will also be set up in locations close to its customers in China. The new polysilicon facilities will be located in the existing Xuzhou plant.

GCL believes production cost of the cell and module business will be decreased substantially, which will drive down the photovoltaic power generation cost. "Ultimately, subsidies required from the government will be reduced and global market demand will be further expanded," GCL told HK Stock Exchange today. (Theindonesiatoday.com)

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