UPDATE 1-Solarfun in 2500 MW solar products deal with GCL-Poly

Thu Dec 23, 2010 6:29am EST

Related Topics

* GCL-Poly to provide wafer, polysilicon products

* Contract for January 2011-December 2015

Dec 23 (Reuters) - Chinese solar products maker Solarfun Power Holdings SOLF.O said GCL-Poly (3800.HK) will provide it 2,500 megawatts wafer and polysilicon products over the next five years.

The January 2011-December 2015 contract underscores the surging demand for renewable energy systems despite falling subsidies in top European markets such as Germany, Italy and the Czech Republic.

"We expect this to satisfy our requirements for key raw materials on a cost-effective basis, and allow us to continue expanding in scale as we meet our growing customer needs worldwide," Solarfun Chief Executive Peter Xie said in a statement.

Solarfun shares, which have gained 11 percent in value year to date, closed at $8.41 on Wednesday on Nasdaq. (Reporting by Krishna N Das in Bangalore; Editing by Joyjeet Das)

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