Canadian Solar Inc. has entered into an agreement with GCL-Poly Solar System Integration (China) Co. Ltd., a subsidiary of GCL-Poly Energy Holdings Ltd., to establish a joint venture to build a manufacturing site to produce crystalline silicon solar cells in Funing, China.
Under the terms of the agreement, Canadian Solar will own 80%, and GCL will own 20% of the equity in the joint venture.
In the initial phase, the new solar cell plant is planned to have an annual production capacity of 300 MW. The decision to expand beyond the initial phase will be subject to market conditions.
‘GCL is a key strategic partner and major wafer supplier to Canadian Solar, and this agreement further extends the strong partnership between the two companies,’ says Shawn Qu, chairman and CEO of Canadian Solar.
Additionally, Canadian Solar has recently commissioned another module workshop in its flagship factory in China's Jiangsu province, which brings its total annual module production capacity to 3 GW.