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Indosolar enters into MoU with GCL Solar Systems to develop solar farms in India

Indosolar Limited (533257.BSE), is 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 as Panchabuta had reported a couple of months back.

 Indosolar in November last year had entered into a  the contract with GCL-Poly, one of the leading polysilicon and wafer suppliers in the world. The contract which is valued at approximately USD600 million in which GCL-Poly will provide 209 million high quality silicon wafers (approximately 815MW) in the next 4 years.

Panchabuta had mentioned in February that  Indosolar was in talks with foreign players for tie-ups in its solar projects.

Indosolar informed the exchanges today that the Company has entered into a Memorandum of Understanding with GCL Solar System Limited, China to explore the possibility of development of solar farms in India. However, the details of the same would be worked out and finalized in due course of time. GCL Solar Systems is a subsidiary of GCL Group, which is also the parent of Hong Kong-listed GCL-Poly Energy Holdings Ltd, the largest polysilicon producer in China which is already in a contract to supply silicon wafers to Indosolar as mentioned above.

GCL Solar System Limited is a leading professional solar power system integrator, provides consulting, design, system integration and general contracting service for large and medium solar power stations, and provides one-station service solutions for PV station. GCL has built enterprise academician workstation, post-doctoral scientific research workstation and Jiangsu province PV engineering and technological research center. GCL is the chief editor of PV solar systems design, construction, checking and accepting standard of China PV solar industry.

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