GCL System Sees Solar Panel Output Rising Fivefold in 2015

  • GCL probably sold at least 2.5 gigawatt of panels last year
  • Company expects to expand capacity to over 6 gigawatts

GCL System Integration Technology Co.’s solar panel production rose fivefold in 2015, the first year after its assets were restructured.

It probably sold at least 2.5 gigawatts of panels last year, compared with an output of 500 megawatts in 2014, the company, created from the default of Shanghai Chaori Solar Energy Science & Technology Co., said in a statement Friday.

Golden Concord Holdings Ltd., the parent of GCL-Poly Energy Holdings Ltd., the biggest polysilicon maker, and eight investors acquired a combined 66 percent stake in Chaori under a restructuring proposal in 2014. Chaori, the first to default on Chinese onshore bonds, was renamed GCL System.

GCL System had an internal panel production capacity of 3.7 gigawatts annually at the end of 2015 and expects to expand it to more than 6 gigawatts this year, the statement said.

GCL System supplies panels to key clients such as developers China Minsheng Investment Corp., Power Construction Corp. of China Ltd. and Kong Sun Holdings Ltd. and also India’s Adani Group.

The company plans to aggressively expand its market share outside China this year, Chairman Shu Hua said in the statement.

— With assistance by Feifei Shen

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