Canadian Solar Announces Joint Venture with GCL-Poly in China

GCL-Poly

These two major players in the solar industry have announced a joint venture to build a manufacturing facility in Jiangsu  Province of China.

GCL-Poly, the largest polysilicon and wafer manufacturer in the world,  will own 20%  and Canadian Solar, the large Canadian-Chinese solar module producer, will own 80% of the plant which will produce crystalline silicon solar cells.

The first phase of the new facility will have production capacity of 300 MW.  Canadian Solar expects to reach a 19% multi-crystalline cell conversion efficiency at the plant by the end of 2014.  Once fully built the site could accommodate an annual production capacity of up to 1.2GW of solar cells.  The companies will let market conditions dictate if and when they will build out the plant’s full capacity.

“We are delighted to enter this Joint Venture agreement with GCL, the world’s largest wafer producer on this solar cell factory inChina. GCL is a key strategic partner and major wafer supplier to Canadian Solar and this agreement further extends the strong partnership between the two companies,” said Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar. “We believe we are at the very early stages of solar energy adoption around the world, and we continue to see solid market demand for our products. This joint venture further strengthens our position as a global industry leader that can deliver quality modules to meet the growing demand in existing and emerging markets.”

Mr. Gongshan Zhu, Chairman of GCL-Poly commented that “by leveraging the competitive advantages of both companies, our goal is to manufacture top quality solar cells at industry leading cost structure to deliver competitive solar energy to homes around the world.”

Additionally, as previously disclosed, the Company has recently commissioned another module workshop in its flagship factory in Changshu, Jiangsu ProvinceChina, which brings its total annual module production capacity to 3GW.

Tracey Smith About Tracey Smith
Tracey is an accountant and entrepreneur with a passion for nature. This passion is what spurred her interest in renewable energy, and the rest is history as they say. Tracey is a principal in Energy Think Group, the publisher of Solar Thermal Magazine and Tek-Think. She is also the principal at Women's Financial Help Desk. She spends her free time in the outdoors with her horses and dogs. She loves to travel.