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Solarfun Power Holdings Co. Ltd. (SOLF) Signs 5-Year Supply Agreement with Top China Polysilicon Producer

Solarfun Power Holdings Co. Ltd., a vertically integrated manufacturer of silicon ingots, wafers and photovoltaic (PV) cells and modules in China, today announced that it has signed a long-term supplementary wafer and polysilicon product supply contract with GCL-Poly Energy Holdings Limited, which will provide Solarfun with 2,500MW wafer and polysilicon products over the next five years.

Per the agreement between Solarfun and GCL (Suzhou) Solar Energy Technology Company Limited, a subsidiary of GCL-Poly, GCL-Poly will provide Solarfun with the wafer and polysilicon products between January 2011 and December 2015.

The deal correlates with both companies’ long-term strategies and is expected to support expansion efforts in response to rising demands.

“By signing this long-term supplementary wafer and polysilicon contract with GCL-Poly, we are further strengthening the long-term strategic collaboration between both parties,” Peter Xie, president and CEO of Solarfun stated in the press release. “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.”

GCL-Poly is China’s largest polysilicon producer, and one of the world’s leading wafer suppliers. The company noted its optimism in mutual industry advantages with today’s announced agreement.

“We are pleased to maintain our close strategic collaboration with Solarfun, one of the world’s leading solar companies. We will provide high quality services to support Solarfun’s rapid development. We look forward to achieving a win-win situation with Solarfun in the global solar industry,” Shu Hua, executive director and executive president of GCL-Poly stated.

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