GCL System Eyes Australia's Solar Market Amid Output ExpansionBloomberg News
Australia will install more than a gigawatt of solar power
India is currently GCL System's biggest overseas market
GCL System Integration Technology Co., the Chinese solar-panel maker whose production rose fivefold in 2015, is targeting growth in Australia’s solar market as it pushes to expand overseas.
Australia will install more than a gigawatt of solar power this year, compared with about 950 megawatts last year, President Shu Hua said in an interview in Beijing on Tuesday.
The nation is part of our "strategic planning abroad," said Shu.
The remarks explained why the company plans to buy a 51 percent stake in One Stop Warehouse Pty, which sells solar systems in Australia. GCL System wants to raise panel capacity by more than 62 percent this year and expand its market share abroad.
The company also sees opportunities in India, which is currently its biggest overseas market, according to Shu. The Indian market will grow relatively quickly given the nation’s plans to install 100 gigawatts of solar capacity by 2022, said Shu.
GCL System probably sold at least 2.5 gigawatts of panels last year, compared with an output of 500 megawatts in 2014, the company said last month. It was created out of the default of Shanghai Chaori Solar Energy Science & Technology Co.
GCL System’s shares are down almost 21 percent since the beginning of the year after soaring 16-fold in 2015.
— With assistance by Feifei Shen