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China’s GCL-Poly Energy aims to expand solar business in emerging markets like India

Indosolar in November, 2010, 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.

Indosolar entered into a Memorandum of Understanding with GCL Solar System Limited, China to explore the possibility of development of solar farms in India in April last year. 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.

Since, in October last year, the company had said that it will cooperate with Chinese and overseas financial institutions to provide comprehensive support and cooperation to the investors. Meanwhile, the Group had said it would set up branches or representative offices in Europe, the US, Africa, India and Brazil, etc., to cooperate sincerely and advance hand-in-hand with our customers in global power plant investment and system integration.

According to reports today, GCL-Poly Energy Holdings Ltd , China’s largest polysilicon and wafer maker, said on Monday it plans to expand its solar farm business in China, the United States and in emerging markets.

GCL-Poly’s chairman and CEO, Zhu Gongshan, said he expects the industry to continue to consolidate in 2012 amid stiff competition and overcapacity, but said things will improve in 2013.

“Despite the European debt crisis that continues to grip the solar sector, prospects for the solar industry are looking good for 2013,” Zhu said, as markets expand in Japan, India and the Middle East with national solar plans being developed in Saudi Arabia, Qatar and Israel.

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