GCL to raise $450 million for China polysilicon consolidation plan

GCL plans to raise $450 million to aid consolidation in China's polysilicon sector and support the shift from tunnel oxide passivated contact (TOPCon) to back-contact solar products.Chinese polysilicon producer GCL Technology said it plans to raise HKD 5.45 billion ($700 million) through a share placement, selling 4.74 billion new shares at HKD 1.15 each. Net proceeds of about HKD 3.51 billion will mainly support Beijing's plan to consolidate the polysilicon industry, the company said. The government-backed initiative aims to restructure production capacity and reduce oversupply. The plan calls ...

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