Energy

GCL may build 500 mW solar farms in China

(Agencies)
Updated: 2010-05-17 14:59

GCL-Poly Energy Holdings Ltd, in which China's sovereign wealth fund holds a stake, may build solar farms with a total capacity of as much as 500 megawatts to help meet demand in the world's fastest-growing major economy.

China's largest producer of polysilicon, the main raw material used in solar cells, is also looking at setting up solar farms in the US, Europe and the Middle East and may make investment decisions on some projects this year, Chief Financial Officer Sam Tong said at a media briefing in Hong Kong today.

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The solar-cell parts maker completed its first 20-megawatt solar plant in China in December and is seeking clean-energy projects overseas to benefit from global efforts to harness energy from the sun. Tong didn't give a timescale or figure for GCL-Poly's planned investment in China.

"Building generating capacity of between 400 megawatts and 500 megawatts would be feasible," he said.

Investment in the 20-megawatt farm reached 420 million yuan ($62 million), Tong said. Costs vary for each project, he said.

GCL-Poly expects strong demand for polysilicon this year partly because of rising consumption in emerging markets including India, Tong said. The company said last month it expects to double production this year to 16,500 metrics tons.

China Investment Corp, the nation's sovereign wealth fund, acquired a HK$5.5 billion ($705 million) stake in GCL-Poly in November.