Electrical Monitor

GCL-Poly wins $600 million order from Indosolar

EM NEWS BUREAUThursday, December 09, 2010, 16:43 Hrs  [IST]

GCL-Poly Energy Holdings Ltd, the largest polysilicon producer in China, has signed a long-term agreement to supply silicon wafers to Indosolar Ltd. The deal is valued at $600 million.

Under the agreement, GCLPoly will provide 209 million high quality silicon wafers (approximately 815 MW) in the next four years.

In another development, Wells Fargo & Company will invest over $100 million by end of 2011 to fund the development of solar photovoltaic power projects throughout the US by GCL Solar Energy Inc, a subsidiary of the Hong Kong-based firm.

The financing will enable GCL Solar, which is based in San Francisco (California) in the US, to build and operate solar power plants, while providing its customers with the ability to buy the electricity under long-term power purchase agreements at rates equal to or lower than traditional utility rates.

Established in 2009, GCL Solar Energy builds, owns, and operates solar photovoltaic power plants, and plans to become a leading investor and operator of solar power generation projects in North America.