GCL Poly, CIF to set up JV for 5,000-t polysilicon factory

Chinese firm GCL-Poly Energy Holdings Ltd (HKG:3800) said Thursday it will create a CNY-1.02-billion (USD 158m/EUR 144m) joint venture (JV) with a domestic investment fund, looking to create a 5,000-tonne polysilicon production plant.

The company’s wholly-owned subsidiary Jiangsu Zhongneng Polysilicon Technology Development Co Ltd will pour about CNY 520 million in the new entity and will own 50.98% of it. China Integrated Circuit Industry Investment Fund Co Ltd (CIF) will hold a 49.02% stake in the project company.

The project is estimated to require a total investment of roughly CNY 2 billion. Subject to a number of conditions, the JV company may go for an initial public offering (IPO) on a “recognised stock exchange”, according to the statement.

The JV will be active in the research and development (R&D), production and sale of semiconductor grade polysilicon and other semiconductor materials and electrochemical products. It will have a designed annual production capacity of 5,000 tonnes of polysilicon for czochralski monosilicon, FZ monosilicon and monocrystalline cells.

Hong Kong-based GCL Poly makes silicon wafers and polysilicon for the photovoltaic (PV) industry and operates different types of power plants. Just a couple of days ago, the firm officially sold its non-solar power business and is now focussed solely on its core integrated solar segment.

(CNY 1.0 = USD 0.155/EUR 0.142)

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