GCL-Poly Energy Holdings Limited (HKG:3800) Subsidiary GCL Solar Extends Polysilicon And Wafer Supply Agreement With Trina Solar (NYSE:TSL)
Under the adjusted terms of this agreement, the total consideration will remain unchanged from the combined total of the original and supplemental agreements signed in 2008, whereas additional polysilicon and wafer deliveries will be provided starting in 2016 for a five year period at pre-determined shipment volumes and prices. The agreement also contains a price adjustment clause that offers a market-linked price formula. GCL Solar will supply Trina Solar with high-quality polysilicon and wafers sufficient to produce approximately 8,500 MW of solar modules over 13 years.
Mr. ZHU Gong Shan, Executive Director, Chairman and CEO of GCL-Poly, said, "We are delighted to be able to further strengthen our relationship with Trina Solar by increasing the polysilicon and wafer shipment volume and extending the tenure of the supply agreement. This signifies Trina Solar's confidence in GCL Solar as a long-term strategic partner and also provides a strong testimony to GCL Solar's superior product quality and satisfactory customer services. We are dedicated to ensure timely delivery of high-quality and cost-competitive polysilicon and wafers to our customers and will strive to become Trina's most reliable raw material supplier going forward."
"We are very pleased to strengthen our long-term relationship with GCL-Poly by further extending the tenure of the agreement," said Jifan Gao, Trina Solar's Chairman and CEO. "This extension will provide a stable source of high-quality materials as well as support our cost reduction initiatives to solidify our position as a high-quality global integrated PV manufacturer."
About GCL-Poly Energy Holdings Limited
GCL-Poly Energy Holdings Limited is a world leading polysilicon manufacturer for the solar industry and a leading integrated green energy enterprise in China. Production
capacity of GCL Solar, a subsidiary of the Group, is expected to reach 18,000 metric
tonnes of polysilicon by the end of 2009, and 1 GW of solar wafers by mid 2010. In
addition, the Group operates a total of 18 cogeneration power plants, 1 incineration
power plant and 1 windpower plant. Most of these plants are located in Jiangsu and
Zhejiang provinces with strong economic growth and robust demand for electricity and
steam. All these plants are advocated and encouraged by Chinese government.
For more information about GCL-Poly, please visit the company’s website at
About Trina Solar Limited
Trina Solar Limited (NYSE:TSL) is a well recognized manufacturer of high quality modules and has a long history as a solar PV pioneer since it was founded in 1997 as a system installation company. Trina Solar is one of the few PV manufacturers that have developed a vertically integrated business model from the production of monocrystalline and multicrystalline silicon ingots, wafers and cells to the assembly of high quality modules. Trina Solar's products provide reliable and environmentally-friendly electric power for a growing variety of end-user applications worldwide. For further information, please visit Trina Solar's website at http://www.trinasolar.com.
Trina Solar Limited
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GCL-Poly Energy Holdings Limited