GCL-Poly Energy Holdings Limited announces that it has signed a long-term wafer supply contract with Indosolar Ltd., the Indian solar cell provider which is listed in the Mumbai Stock Exchange in India. The Company will provide Indosolar a total of 209 million pieces (equivalent to 815MW) of high quality wafers in the next four years. Both parties have expressed the willingness to raise the wafer supply quantity in the future.
As outlined in the wafer supply contract that was signed between GCL (Nanjing) Solar Energy Technology Company Limited, a subsidiary of the Group, and Indosolar, the Group will provide 209 million pieces (equivalent to 815MW) of high quality wafers from November 2010 to December 2014. A price adjustment mechanism is included in the contract terms.
Mr. Zhu Gong Shan, Chairman and Chief Executive Officer of GCL-Poly stated, “We are glad to sign the long-term wafer supply contract with Indosolar, a solar company in India. This should help us to establish our presence in South Asian market. In particular, India has a large population of almost 1.2 billion with immense market potential. By signing the contract with our Indian partner, it shows that our customers, especially those from overseas have strong confidence in our product quality, price, economies of scale production and customer service. We hope to develop closer relationship with Indosolar in the future resulting in a win-win situation for both of us in the global fast growing solar industry.”