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March 30, 2020

GCL System to build $2.54bn solar panel manufacturing plant

China-based solar manufacturer GCL System Integration Technology (GCL-SI) is reportedly planning to build a solar panel manufacturing plant with an investment of CNY18bn ($2.54bn).

China-based solar manufacturer GCL System Integration Technology (GCL-SI) is reportedly planning to build a solar panel manufacturing plant with an investment of CNY18bn ($2.54bn).

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In its new low greenhouse gas (GHG) emission strategy to 2050, submitted to the United Nations (UN), the Ministry of Energy Transition and Sustainable Development (MEM) of Morocco suggested to raise the share of renewable capacity in the country’s total power installed capacity mix to 80%.   Morocco currently aims to increase the share of renewables in total power capacity to 52% by 2030. The new strategy plans to increase the share of renewable capacity to 70% by 2040 and 80% by 2050.  GlobalData’s expert analysis delves into the current state and potential growth of the renewable energy market in Morocco. We cover: 
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According to Bloomberg, the new facility will be built in eastern Hefei province and will have the capacity to make 60GW of solar panels on an annual basis.

The company, in its filing to the Shenzhen stock exchange, said that the number of solar modules produced at the facility would be sufficient to fulfil half of the demand worldwide.

GCL’s new facility will be engaged in the production of wafer, cell, module as well as other components such as junction box, back sheets, glass, EVA and aluminium frames.

In its filing, GCL System said that it will be completing the facility in four phases.

Initially, it will be spending CNY5bn on the first phase of the project, which will be able to produce 15GW of solar panels.

The remaining three phases will be completed at a later stage.

It further noted about its plans to make use of its own funds and loans to finance the construction of its solar panel manufacturing facility.

However, the company did not provide details as to when it intends to begin and complete the construction of the manufacturing facility at the site.

Once completed, the solar manufacturing plant is expected to increase GCL’s panels production capacity by over nine times from 7.2GW, according to data from BloombergNEF.

In July 2017, GCL-SI commenced operation at its 600MW solar cell plant in Vietnam. The new solar cell facility supports GCL-SI to cater to international markets.

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Free Report
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Delve into the renewable energy prospects for Morocco

In its new low greenhouse gas (GHG) emission strategy to 2050, submitted to the United Nations (UN), the Ministry of Energy Transition and Sustainable Development (MEM) of Morocco suggested to raise the share of renewable capacity in the country’s total power installed capacity mix to 80%.   Morocco currently aims to increase the share of renewables in total power capacity to 52% by 2030. The new strategy plans to increase the share of renewable capacity to 70% by 2040 and 80% by 2050.  GlobalData’s expert analysis delves into the current state and potential growth of the renewable energy market in Morocco. We cover: 
  • The 2020 target compared to what was achieved 
  • The 2030 target and current progress 
  • Energy strategy to 2050 
  • Green hydrogen 
  • Predictions for the way forward  
Download the full report to align your strategies for success and get ahead of the competition.   
by GlobalData
Enter your details here to receive your free Report.

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