GCL-Poly says to invest $2.3 bln to expand capacity

HONG KONG, Feb 21 (Reuters) - GCL-Poly Energy Holdings Ltd said it planned to invest about HK$17.7 billion ($2.28 billion) to further expand its polysilicon capacity and wafer business.

In a filing with the Hong Kong bourse over the weekend, GCL said it would expand its polysilicon and wafer facilities in China in 2011 and 2012, aiming to increase annual polysilicon production capacity to about 25,000 tonnes by the end of 2011 and 65,000 tonnes by mid-2012, from 21,000 tonnes as of the end of last year.

It also aims to raise annual wafer production capacity to 6,500 megawatts (MW) by the end of 2011, from 3,500 MW at the end of 2010.

GCL, China's largest manufacturer of polysilicon and the wafers used to make photovoltaic modules, said the new investment would be funded by internal resources and borrowings.

(US$1=HK$7.78)

(Reporting by Donny Kwok; Editing by Jonathan Hopfner)

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