(Yicai Global) June 21 -- GCL-Poly Energy Holdings Ltd. [HKG:3800] plans to build the world's largest polycrystalline silicon base in China's northwestern region of Xinjiang, with an initial investment of CNY480 million (USD70 million).

The firm's Xinjiang subsidiary signed a construction agreement with China National Chemical Engineering Corp's division, Sixth Construction Co., a GCL-Poly statement said yesterday.

Total investment for the new plant will be CNY5.68 billion, of which CNY2 billion will be the registered capital of the new company, set up to execute the project.

The company previously said it would build a 60,000-ton polycrystalline silicon workshop in Xinjiang, by relocating equipment from its 20,000-ton Xuzhou workshop and investing in new equipment to make up the remainder.