SHANGHAI, China, Dec 2, 2010 (GlobeNewswire via COMTEX) --
JA Solar Holdings Co., Ltd., (Nasdaq:JASO), one of the world's largest manufacturers of high-performance solar cells and solar power products, today announced that it has entered into a long-term supplemental wafer and polysilicon supply agreement with GCL-Poly Energy Holdings Limited ("GCL-Poly") (SEHK:3800) and its subsidiaries.
Under the adjusted terms of this supplemental agreement, GCL-Poly will supply JA Solar with an aggregate of approximately 10GW of high quality polycrystalline wafers and polysilicon products for a five year period, from January 2011 to December 2015, at pre-determined shipment volume. The agreement also contains a clause for a price adjustment mechanism.
"We are very pleased to strengthen our long-term strategic partnership with GCL-Poly, China's largest polysilicon manufacturer and a global leader in solar wafer manufacturing," said Mr. Jian Xie, Chief Operating Officer of JA Solar. "This multi-year supplemental supply agreement fundamentally improves our supply chain positioning with an expanded strategic supply of attractively priced poly-crystalline solar wafers. It also provides a solid foundation to support JA Solar's rapid growth and will significantly improve our cost competitiveness in the dynamic solar industry," he said.
Mr. Shu Hua, the Executive Director and president of GCL-Poly, stated, "We are glad to establish a long-term strategic partnership with JA Solar, a leading solar company in the world. We will provide quality services to honor our commitment of wafer and polysilicon product supply for JA Solar to support its rapid development. We look forward to achieving a win-win situation with JA Solar in the global solar industry."
This press release contains forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by words such as "may," "expect," "anticipate," "aim," "intend," "plan," "believe," "estimate," "potential," "continue," and other similar statements. Statements other than statements of historical facts in this announcement are forward-looking statements, including but not limited to, our expectations regarding the expansion of our manufacturing capacities, our future business development, and our beliefs regarding our production output and production outlook. These forward-looking statements involve known and unknown risks and uncertainties and are based on current expectations, assumptions, estimates and projections about the company and the industry. Further information regarding these and other risks is included in Form 20-F and other documents filed with the Securities and Exchange Commission. The company undertakes no obligation to update forward-looking statements, except as may be required by law. Although the company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that its expectations will turn out to be correct, and investors are cautioned that actual results may differ materially from the anticipated results.
About JA Solar Holdings Co., Ltd.
JA Solar Holdings Co., Ltd. is a leading manufacturer of high-performance solar power products. The company sells its products to solar manufacturers worldwide, who assemble and integrate solar cells into modules and systems that convert sunlight into electricity for residential, commercial, and utility-scale power generation. For more information, please visit http://www.jasolar.com.
About GCL-Poly Energy Holdings Limited (stock code: 3800. HK)
GCL-Poly Energy Holdings Limited (SEHK:3800) is China's largest polysilicon producer and one of the world's leading wafer suppliers and also a top green energy enterprise in China. Annual polysilicon production capacity is expected to reach 21,000 MT by the end of 2010, and the quality of polysilicon products has reached electronic grade level. The Group's wafer production capacity will achieve 3.5 GW by the end of 2010. In addition, the Group owns a 20MW solar farm in Xuzhou, Jiangsu province, which is currently the largest solar farm in China.
For more information about GCL-Poly, please visit the company's website at www.gcl-poly.com.hk.
This news release was distributed by GlobeNewswire, www.globenewswire.com
SOURCE: JA Solar Holdings Co., Ltd.
CONTACT: Stapleton Communications