GCL-Poly takes out US$480 million loan to pay-off debts

Pushes forward despite losses.

Hong Kong based polysilicon producer GCL-Poly recently arranged a US$480 million three-year loan facility to pay off existing short term loans. The company said it had developed a total of 270 MW of solar farms in the first half despite reporting a group loss of US$118.2 million during the period.

Its latest project is successfully connecting a 30 MW photovoltaic power plant at a fish farm in Baoying, eastern China to the grid. The Baoying Xing installation is the second project GCL-Poly has installed at a fish farm following the completion of Funing Fishing-Solar Complementary PV Power Project.

The Baoying Xing Energy Project covers 57 hectares and will generate around 29 GWh of energy annually, for both distributed power and centralized grid applications.

The power station consists of a PV module array, inverter station, a transformer substation, maintenance channel, booster station and management area. GCL-Poly claims the new installation represents low cost and high quality alongside high efficiency.