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HONG KONG, Sept 16, 2009 - (ACN Newswire) - Jiangsu Xiexin Silicon Material Technology Development Co. Ltd. ("Xiexin Development"), a wholly-owned subsidiary of GCL-Poly Energy Holdings Limited ("GCL-Poly" or "the Group", stock code: 3800.HK), announced that it entered into an agreement with the Xuzhou Government on September 15, 2009 to develop and invest in a silicon wafer project in Xuzhou, Jiangsu Province, with the first phase total investment of US$300 million. The funding will be financed by internal resources and bank loans, and the Xuzhou Government will provide relevant support to the development of the Project. The Project is under the plan that the Board of Directors has approved to develop and invest in the production of silicon wafer in Jiangsu Province, PRC with a total capacity of 2GW and a planned total investment of US$700 million.
Mr. ZHU Gong Shan, Chairman and CEO of GCL-Poly, said, "To develop and invest in the production of silicon wafer is part of our general strategy. According to the long-term contracts with our solar cells and modules customers, the Group is required to supply a total of 15.4GW of wafer and 33,000 tonnes of polysilicon from 2008 to 2015. Developing the wafer production will enable the Group to fulfill its contractual obligation. Besides, by developing the wafer production, the Group can substantially raise the quality of its wafer products and lower its production cost, so as to realize the synergies between polysilicon manufacturing and wafer production and thus further enhance the Group's competitiveness in both the domestic and overseas markets."
Contact:
GCL-Poly Energy Holdings Limited
Mr. Zhou Jiangbo
Tel: (852) 3761 3120
Email: zhoujiangbo@gcl-power.com.hk
Ms. Stephanie Lau
Tel: (852) 3761 3145
Email: stephanielau@gclsolarenergy.com
Porda International (Finance) PR Group
Ms. Harriet Lau Tel:
(852) 3150 6761
Email: harriet.lau@pordafinance.com.hk
Ms. Sharis Siu
Tel: (852) 3150 6771
Email: sharis.siu@pordafinance.com.hk
Ms. Ada Leung
Tel: (852) 3150 6732
Email: ada.leung@pordafinance.com.hk
Topic: Corporate Announcement
Source: GCL-Poly Energy
http://www.acnnewswire.com
From the Asia Corporate News Network
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