Gintech Energy Corporation today announced that it has set up Gintech (Thailand), a subsidiary under Gintech Energy, to establish 350MW of cell production capacity in Thailand. Gintech (Thailand) will invest approximately US$45 million in the first phase to acquire land, facility and equipment. It is projected to be operational by late 2015 and commence commercial production in Q1 2016. Gintech (Thailand) has been granted the maximum support by the Thailand government.
"We are proud to be the first Taiwanese solar supplier to invest in Thailand. By diversifying our production capacity geographically, we are further leveraging our resources and enhancing our competitiveness," commented Dr. Wen-Yen Pan, Chairman and Chief Executive Officer of Gintech Energy. "We expect Gintech (Thailand) to be profitable when it reaches full utilization, given Thailand's lower labor, land and facility costs and favorable investment environment, while the average selling prices of cells made in Thailand are currently more than 20% higher than the prevailing market prices of cells made in China and Taiwan due to trade barriers."
Dr. Wen-Whe Pan, President and Chief Operation Officer of Gintech Energy, also commented: "Thailand continues to support the growth of the renewable energy industry and is an ideal base to serve other emerging markets in the Asia Pacific region. We believe this overseas expansion will allow us to leverage Thailand's industrial capabilities and talent pool. The Thailand government has been strongly supportive of our investment. We look forward to creating jobs and helping develop the PV market in Thailand."