GCL to spin off three China PV projects businesses

GCL-Poly has proposed the sale of its equity stake in three Chinese solar project development businesses. The three businesses are worth some 90 MW of PV power plant projects.

Baoying Xingneng Renewable Energy Company Limited, Funing Xinneng Solar Energy Company Limited and Ningxia Hengyany New Energy Company Limited are the three developers in which GCL-Poly will sell its equity stake. GCL New Energy Holdings (GNE) will purchase the equity interests in the companies.

The three project companies are developing multi-stage PV power plant projects in Baoyingn Country, Jiangsu Province and Ningxia Hui Autonomous Region respectively, each worth 30 MW.

GCL-Poly has emphasized to investors, in a notice on the Hong Kong Stock Exchange, that the transactions may not go ahead and has advised investor caution.

In September, GCL-Poly announced its intention to sell Jiangsu Golden Concord Energy Co. for around US$500 million.