GCL-Poly Completes Acquisition of Jiangsu Zhongneng      

GCL-Poly Energy Holdings Limited (HK: 3800), a leading integrated green energy enterprise in China, announced on July 31st that it has completed the acquisition of Jiangsu Zhongneng Polysilicon Technology Development Co., Ltd. (Jiangsu Zhongneng).
    Jiangsu Zhongneng becomes the main operating entity of GCL Solar Energy Technology Holdings Inc. (GCL Solar) in Mainland China, and its annual polysilicon production capacity is expected to reach 18 000 t/a by the end of 2009 and 21 000 t/a by the end of 2010. GCL Solar is planning to establish a wafer production complex with more than 1 GW capacity by mid-2010, making GCL Solar one of the largest polysilicon and wafer suppliers worldwide.
    Jiangsu Zhongneng achieved the sales revenue of RMB1.112 billion million in the first half of 2009, and the gross profit margin was 42.69%.
    GCL-Poly has 18 cogeneration power plants, 1 incineration power plant and 1 wind-power plant. Most of these plants are located in Jiangsu and Zhejiang provinces with strong economic growth and robust demand for electricity and steam.