Canadian Solar, GCL form solar JV to build wafer plant in China

Canadian Solar and Suzhou GCL Photovoltaic Technology, a subsidiary of GCL-Poly Energy Holdings have formed a joint-venture to build a 600 MW capacity wafer plant in Suzhou, China.

The wafer plant’s capacity can be expanded to 1.2 GW.

The first phase of the project is estimated to cost $77m, out of which 33.3% will be financed through registered capital and 66.7% through debt.

GCL will contribute 90% of the registered equity, and Canadian Solar will contribute 10%, under the terms of the agreement.

GCL Chairman and CEO Gongshan Zhu said the company is pleased to partner with Canadian Solar on a long-term basis.

" We have worked together for three years now, sharing both a commitment to high-quality and service." Zhu said.