2.021 Billion Yuan! IRICO and GCLSI Sign for Photovoltaic Glass

PVTIME – On May 23, IRICO Group New Energy Co., Ltd. (00438.HK), a holding subsidiary of Rainbow Group Co., Ltd., a subsidiary of China Electronics Information Industry Group Co., Ltd., released an announcement that it and GCL System Integration Technology Co., Ltd. (GCLSI) (002506.SZ), a leading photovoltaics company, have entered into a strategic cooperation agreement on the supply and purchase of PV glass.

According to the agreement, GCLSI will purchase PV glass from IRICO from May 2022 to April 2024. It is estimated that the total amount of the contract will be approximately 2.021 billion yuan (tax included) according to the average price of 3.2mm photovoltaic glass in May 2022.

The partnership between the two parties was started since 2014, and advanced cooperation are expected to build a stable, safety and sustainable supply and purchase chain to promote development of the two parties in the photovoltaic industry. For GCLSI, high quality PV glasses are crucial to meet its demands for solar modules production in Hefei Base. And GCLSI expects to reduce the costs and impacts of fluctuations of PV glass prices, and to enhance its profitability and market competitiveness. For IRICO, as a leading state-owned enterprise engages on the R&D, production and sales of photovoltaic glass for many years, is very pleased to have GCLSI to sell and promote its PV glass products, and to together be world-leading companies for PV material. The new cooperation agreement is in line with development strategy and business plan of IRICO, and is in the overall interests of the company and its shareholders.