GCL Group and Softbank invest $930 million to establish a joint venture in India

Energy Press Releases Tuesday April 3, 2018 11:02
SUZHOU, China--3 Apr--PRNewswire/InfoQuest

GCL System Integration Technology Co., LTD (SZ: 002506) (GCL-SI), a subsidiary of the world's leading clean energy conglomerate GCL announced that on March 29, GCL Group signed a memorandum of understanding (MoU) with Softbank Vision Fund (SBVF) through its manager Softbank Investment, a subsidiary of Softbank Group. The main content of the memorandum is that GCL Group and Softbank Investment have agreed to establish a joint venture company in Andhra Pradesh, India, either directly or through their respective affiliates or subsidiaries, of which Softbank Investment accounts for 60% and GCL Group 40%. The equity ratio of the joint venture would be adjusted accordingly if a third-party partner were introduced later on. The composition of the board of directors of the joint venture will be consistent with that of the equity structure.

The joint venture company expects a total investment of 930 million U.S. dollars, and the two parties have not yet identified the source of funds. The joint venture plans to have a production capacity of 4GW, which will be implemented in two phases with 2GW per phase. The main business involves the production and sale of PV ingots, wafers, batteries and modules.

About GCL-SI

GCL System Integration Technology Co., Ltd. (002506 Shenzhen Stock) (GCL-SI), is part of the GOLDEN CONCORD Group (GCL). GCL-SI delivers one-stop, cutting-edge, integrated energy systems and is committed to becoming the world's leading solar energy company.


Latest Press Release

GULF and EGAT signs Owners Engineer Field Services Agreements

Mrs. Porntipa Chinvetkitvanit, President of Gulf Energy Development Public Company Limited, or GULF, revealed that as GULF is preparing for construction of its Independent Power Producer (IPP) projects, it has recognized the need to seek an expert with...

PTT dedicates for the happiness of Thai people, resulting in being listed on DJSI Index for the 7th consecutive year and its 2nd Industry leader.

Mr. Chansin Treenuchagron, President and Chief Executive Officer of PTT Public Company Limited (PTT) revealed that PTT is relentlessly committed to undertaking business in a sustainable manner; namely, the great importance is placed upon the sustainable...

Trina Solar: A Top Bankable Module Supplier, Third Year in a Row

Trina Solar Limited ("Trina Solar" or the "company"), a leading total solutions provider for solar energy, has received a top rating in the latest annual module bankability report, published by Bloomberg NEF (BNEF). With this latest report, Trina Solar...

Fifth consecutive year of PTTEP as Dow Jones Sustainability Indices (DJSI) member

- Reflects PTTEP's status as one of the exploration and production companies that drive its business with a focus on sustainability - Remains committed to sustainable practices in business, society and environment and adheres to good corporate governance...

The ninth CEO of PTT to carry on the business emphasizing transparency for sustainability

Mr. Chansin Treenuchagron, President and Chief Executive Officer of PTT Public Company Limited (PTT) has unveiled the management concept of PTT for the next two years that PTT strategies will be continued from the previous generation to the next. Our way...

Related Topics