LONGi and GCL-Poly Sign Massive Polysilicon Purchase Agreement

PVTIME – After yesterday’s market close, LONGi announced that it had signed a long-term polysilicon material purchase agreement with GCL-Poly Energy Holdings

According to the announcement, the contracted purchase amount is to be no less than 91,400 tonnes, and the specific order price will be negotiated on a monthly basis. According to the current market price, the total amount of the contract is approximately 7.328 billion yuan. The total contract amount accounts for approximately 31.33% of LONGi’s audited operating costs in 2019, and the average annual contract value accounts for approximately 10.44% of the company’s audited operating costs for 2019 (this calculation does not constitute a price commitment).

LONGi said that in accordance with the company’s strategic planning and business needs, seven of its monocrystalline ingot/wafer producing subsidiaries are set to acquire a stable supply of polysilicon materials from GCL-Poly Energy Holdings from March of 2021 through the end of 2023.