GCL-SI Announces Withdrawal from the EU Minimum Import Price Agreement

SUZHOU, China, Oct. 31, 2016 /PR Newswire/ -- GCL System Integration Technology (GCL-SI), (SZ:002506), a subsidiary of the world's leading energy group GCL, today announces its withdrawal from the European Union's Minimum Import Price (MIP) agreement.

The MIP agreement is the term brought by the European Union (EU) to place restrictions on the import of solar module products from Chinese companies. Under the agreement, which GCL-SI conformed to, Chinese solar manufacturers have to sell their solar cells or solar panels at a price above a fixed Minimum Import Price. For those companies who fail to follow the agreement, anti-dumping (AD) and anti-subsidy (AS) duties are consequence. As for GCL-SI, the rates of AD and AS duties were 41.3% and 6.4% respectively.

Mr. Shu Hua, president of GCL-SI, commented, "We have carefully reviewed the European solar market and discovered that the average selling prices of solar modules are decreasing in all major EU markets and as a result, the current MIP is not reflecting today's actual market price environment. The MIP actually hinders the cost competitive Chinese manufactures from providing more clean energy products to the European market and therefore the MIP hinders even more job opportunities while Europe is in a huge demand of the clean energy right now. So it's definitely not creating a win-win situation for both sides."

"We decide to withdraw from the MIP agreement in order to strengthen GCL's competitiveness and to meanwhile further reach our goal of offering more clean energy to the European market. We believe our decision will be beneficial to EU power producers, consumers and the environment," added Mr. Shu.

About GCL-SI

GCL System Integration Technology Co., Ltd. (SZ: 002506) (GCL-SI), is part of the GOLDEN CONCORD Group (GCL), an international energy company specializing in clean and sustainable power production, founded in 1990. With global assets worth nearly USD16 billion, the combined companies delivered over 2 GW of modules globally in 2015, and currently supply more than 30% of all polysilicon and wafers utilized in the solar industry.