August 3, 2009

Hong Kong, China: GCL-Poly Completes Acquisition of Jiangsu Zhongneng

GCL-Poly Energy Holdings has completed the acquisition of Jiangsu Zhongneng Polysilicon Technology Development Co., Ltd. (Jiangsu Zhongneng) has been completed. The number of issued shares of GCL-Poly will be increased from 1,022, 973,487 shares to 11,062,746,214 shares.

GCL-Poly announced the proposed acquisition of Jiangsu Zhongneng on 22 June 2009, at a consideration of HK$26.35 billion. It will be satisfied by means of:

1) cash payment of US$200 million;
2) issuance of a US$350 million secured note; and
3) issuance of 10,039,772,727 shares at HK2.2 per share.

The acquisition has obtained shareholders approval as well as the grant of whitewash waiver by the Securities and Futures Commission of Hong Kong. All conditions under the acquisition agreements have been fulfilled and accordingly the completion took place today on 31 July 2009.

Jiangsu Zhongneng is the main operating entity of GCL Solar Energy Technology Holdings Inc. (GCL Solar) in the PRC, and its annual polysilicon production capacity is expected to reach 18,000 MT by the end of 2009 and 21,000 MT by the end of 2010; GCL Solar is planning to establish a wafer production complex with more than 1GW capacity by mid-2010, making GCL Solar one of the largest polysilicon and wafer suppliers worldwide.

Further details about: GCL-Poly Energy