GCL completes disposal of non-solar business

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GCL-Poly has today completed the sale of its non-solar arm to Jiangsu Golden Concord Energy Co. The Hong Kong-based polysilicon producer announced at the start of September it would focus its future efforts on solar, which include polysilicon and wafer production, and developing downstream solar projects both in China and globally.

According to GCL-Poly’s 2014 financial reports, 68% of revenues for the year ended December 31 came from its solar business.

In previous announcements, GCL-Poly said it would sell its non-solar related businesses, which comprise 17 operational cogeneration power plants, one wind power facility and two incineration plants, totaling an installed power capacity of 843.8 MW, for RMB 3.2 billion (around US$503 million).

In September a deposit of RMB 160 million was paid; the remaining funds were to be transferred upon completion of the transaction. In today’s release, a settlement sum of RMB 1.16 billion is mentioned.