GCL SI to Raise $680M for 20-GW N-Type Cell Factory

• GCL System Integration Technology Co Ltd obtains approval for CNY-4.84-billion private share sale in Shenzhen, with proceeds to fund expansion of 10-GW N-type cell factory and increase module capacity to 30 GW.

GCL System Integration Technology Co Ltd, a Chinese photovoltaics (PV) company, has obtained regulatory approval to launch an up to CNY-4.84-billion (USD 680.2m/EUR 620.5m) private share sale in Shenzhen. The approval by the Shenzhen Stock Exchange Listing Review Centre will enable the manufacturer to issue up to 1.76 billion shares, or an amount not higher than 30% of its total stock capital.

The transaction is intended to bring net proceeds of CNY 3.4 billion, which will be used to improve GCL System’s liquidity and fund the expansion of an N-type cell factory in Wanzhi district, Wuhu City. The 10-GW facility launched production in August, while its second phase will extend its total capacity to 20 GW. Once this second phase is complete, N-type high-efficiency cells will account for 87% of the company’s overall cell production capacity. GCL SI, part of the Golden Concord Group (GCL), has multiple manufacturing facilities in China and projects in progress that will lift its module production capacity at home to over 30 GW.

What Expansion Is GCL System Planning With a CNY-4.84B Share Sale?

• GCL System Integration Technology Co Ltd has been granted regulatory approval for a CNY-4.84 billion share sale in Shenzhen
• The proceeds of CNY 3.4 billion will be used to improve the company’s liquidity and fund the expansion of an N-type cell factory
• The N-type cell factory in Wanzhi district, Wuhu City was launched in August and the second phase is expected to bring its total capacity to 20 GW
• Once complete, N-type high-efficiency cells will constitute 87% of the company’s overall cell production capacity
• GCL SI is part of the Golden Concord Group (GCL) and has multiple manufacturing facilities in China with plans to increase its module production capacity to 30 GW in the country