- Bank will provide 430 million yuan, while GCL unit offers rest
- GCL to also buy 51% stake in Australia's One Stop Warehouse
A unit of GCL System Integration Technology Co., a Chinese solar panel maker, will set up a 620 million yuan ($95 million) fund with Bank of Suzhou Co. to invest in the solar industry.
The bank will provide 430 million yuan for the fund and GCL System Integration Technology (Suzhou) Co. the remainder, the parent said in a statement to the Shenzhen stock exchange on Monday.
The unit can choose to exit in one and a half years after the fund is established, according to the statement. The move comes as the parent seeks to raise panel capacity by more than 62 percent this year and expand its market share abroad.
GCL System Integration Technology also plans to buy a 51 percent stake in One Stop Warehouse Pty, which sells solar systems in Australia, for A$9.69 million ($7.3 million), it said in a separate statement Monday.
— With assistance by Feifei Shen