A new solar-panel plant could have capacity to meet half of global demand By Bloomberg | March 30, 2020, 6:01 a.m. | Share:
- GCL System Integration Technology Co. plans to build the world’s biggest solar-panel manufacturing plant, with capacity to meet half of global demand. The Chinese manufacturer plans to invest 18 billion yuan ($2.54 billion) to construct a facility in eastern Hefei province that will be able to produce 60 gigawatts of solar panels a year, GCL System said in a filing to the Shenzhen stock exchange on March 27. It didn’t provide a timeline. The plant ’ s maximum output is double the 30 gigawatts of capacity installed in China in 2019, and would be able to supply to almost 51 per cent of solar installations worldwide. The project will boost GCL System’s ability to produce panels more than nine-fold from 7.2 gigawatts, according to data from BloombergNEF . The world’s biggest solar-panel maker, JinkoSolar Holding Co,. has 16 gigawatts of capacity. Shares of GCL System fell as much as 6.3 per cent Monday before paring losses to close 1.5 per cent lower at 3.28 yuan, the lowest since April 2014. Technology trends drive business development – grow your business with the Daily Oil Bulletin. SIGN UP TODAY FOR A FREE 14-DAY TRIAL Chinese solar manufactures have announced expansion plans in recent months amid a push to grab greater market share and reduce costs, which analysts say could signal more pain ahead for the industry. GCL System said it will spend 5 billion yuan on the first phase of the project, for 15 gigawatts of production capacity. Another three phases will be implemented later, with the timing based on sales and utilization of the facility, it said. The company said it wants to seize opportunities that are emerging with solar-power costs now closer to coal power and meet demand for the new type of larger photovoltaic panels. GCL System will use its own funds and loans to finance the investment, it said. GCL System has a market value of 16.7 billion yuan, and had 4.03 billion yuan of cash as of the end of the third quarter last year. © 2020 Bloomberg L.P.
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Mar 30, 2020
A new solar-panel plant could have capacity to meet half of global demand
By Bloomberg |March 30, 2020, 6:01 a.m. |Share:
GCL System Integr
A new solar-panel plant could have capacity to meet half of global demand By Bloomberg |March 30, 2020, 6:01 a.m. |Share: GCL System Integr