GCL-Poly and ISOFOTON intend to jointly develop



(18 May 2012, Hong Kong) GCL-Poly Energy Holdings Limited (“GCL-Poly”, “the Group”, stock code: 3800.HK) entered into a memorandum of understanding (“MOU”) with ISOFOTON S.A. (“ISOFOTON”), a global leader in solar solutions with over 30 years of experience, pursuant to which both parties will jointly speed up the development and utilisation of solar energy and promote the application of clean energy.


According to the MOU, both parties plan to co-develop and construct 1GW of solar farms globally (“Project”). Both parties will form a joint venture company to manufacture solar trackers for the PV and HCPV modules used by the Project. GCL-Poly is responsible to arrange project finance and EPC services for the Project. ISOFOTON, a pioneer in the design, manufacturing and distribution of solar solutions, will supply modules for the Project and agree to purchase all the wafers and a portion of the cells used in the Project from GCL-Poly. In addition, the Group will consider to build a plant with ISOFOTON to manufacture PV/HCPV tracker system. ISOFOTON will provide the leading tracker system technology to the plant.


Mr. Zhu Gongshan, Chairman of the Board of Directors of GCL-Poly, said: “We are very pleased to cooperate with ISOFOTON, a leading developer of application solution in solar power generation, and establish the best and the most professional operating platform for the worldwide solar power system business. As an expert in providing integration solution for solar system, GCL-Poly owns the largest polysilicon production capacity and is the world leader in terms of cost control. Benefiting from its competent and well-experienced team in power plant investment, construction, operations, and its success in international investment, construction, and operation in solar system, GCL-Poly has integrated technology, information and efficiency as one unit. The Group will promote the development of solar farm globally with its low cost, high quality and high efficiency model.”


“We are very excited to have the opportunity to cooperate with GCL-Poly,” said Mr Angel Luis Serrano, the President and CEO of ISOFOTON. “By capitalising on our strong experience in developing solar farm projects and the manufacturing of solar trackers, we are confident that the partnership will add values to both of us and also contribute to the global solar industry development. This partnership confirms ISOFOTON’s strategy of investing in the PV emerging markets, such as Latin America, the US and China, which will lead the PV market development of the next decade.”