GCL-Poly Energy Holdings Limited (3800.HK) is one of the leading polysilicon and wafer suppliers in the world, delivering high quality and low cost silicon products to the solar industry. The company recently announced that, the have signed a long term silicon wafer supply contract with Indosolar Limited (533257.BSE), one of the leading solar cell producer in India. Indosolar, claims to be the leading Indian manufacturer for photovoltaic cells, currently 160 MWp capacity which is to be expanded to 260 MWp by end of 2011 fiscal year.
Under the agreement signed, during the Delhi International Renewable Energy Conference (DIREC) 2010, the contract which is valued at approximately USD600 million and GCL-Poly will provide 209 million high quality silicon wafers (approximately 815MW) in the next 4 years.
Mr. Zhu Gongshan, Chairman of GCL-Poly and Mr. B.K.Gupta, Chairman of Indosolar Limited signed the contract on behalf of each company.
The cooperation draws close attention from both governments. Mr. Wang Jun, Director of New Energy and Renewable Energy Department of the PRC National Energy Administration, and Dr. Farooq Abdullah, Honourable Minister for New and Renewal Energy, Govt. of India, attended the
signing ceremony. Government officials of both countries praised this cooperation of the photovoltaic industries between China and India and assured the future important role of photovoltaic industry in the new energy market.
It is interesting to note this development, given the fact that numerous concerns had been raised by the Indian players regarding the purchase from foreign suppliers for the JNNSM phase one.