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Formation of a Joint Venture with NRG Solar

published: 2012-02-07 9:59

GCL-Poly Energy Holdings Limited (“GCL-Poly”, “the Group”, stock code: 3800.HK), and NRG Solar LLC (“NRG Solar”), a leading photovoltaic (“PV”) utility project developer in the United States, through their respective wholly-owned subsidiary, formed a joint venture named Sunora Energy Solutions 1 LLC (“Sunora”). Each of the shareholders owns 50% interest in Sunora accordingly.

Sunora will seek to build selected projects developed by NRG Solar using GCL-Poly’s performance-optimized PV system equipment and NRG’s proprietary advanced racking technologies to substantially enhance the financial returns of the projects.

In addition, GCL-Poly has provided a total of 70 megawatts (“MW”) of PV equipment to NRG Solar since the beginning in the fourth quarter of 2011 and early 2012. GCL-Poly may have an opportunity to provide NRG Solar 200MW of PV equipment for each year until end of 2014.

Mr. Gongshan Zhu, Chairman of the GCL-Poly, commented on the joint venture that “NRG Solar is one of the largest PV project developers in the United States. We are pleased to collaborate with NRG Solar where we can maximize the values of performance-optimized system equipment. This transaction is our first step toward a strong and strategic partnership with NRG Solar. We look forward to bringing the value of GCL-Poly to a fast-growing US solar market through this partnership.”

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