To buy high quality wafers from GCL-Poly Energy.
“The current deal with GCL, ensuring an uninterrupted supply of wafers for four years at a committed price, will help the company to maintain high rate of growth.”
Our Bureau
New Delhi, Oct. 26
Indosolar Ltd, photovoltaic (PV) cell manufacturer, has entered into a deal for procuring high quality wafers from China-based GCL-Poly Energy Holdings Ltd.
GCL will supply silicon wafers for an approximate value of Rs 2,700 crore to Indosolar from 2010 to 2014.
GCL-Poly will provide Indosolar a total of 209 million pieces (equivalent to 815 MW) of wafers in the next four years. The deal was signed here on Tuesday.
“The current deal with GCL, ensuring an uninterrupted supply of wafers for four years at a committed price, will help the company to maintain high rate of growth,” Mr B.K. Gupta, Chairman, Indosolar, said. This will subsequently let the company grab a greater market share in the industry.
Indosolar started producing high-efficiency multi-crystalline cells on its first manufacturing line of 80 MW during July 2009. Subsequently, the company started its second manufacturing line of 80 MW during March 2010 making the total installed capacity at 160 MW. The company further plans to increase its production capacity to 260 MW by 2011 by installing another line of 100 MW from the proceeds of its recently concluded IPO.
Mr Zhu Gong Shan, Chairman and Chief Executive Officer of GCL-Poly, stated, “We are glad to sign the long-term wafer supply contract with Indosolar. This should help us to establish our presence in South Asian market, in particular, India.”
