GCL secures modules for 100 MW solar project, announces lease agreements worth $96.5 million

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Indirect wholly owned subsidiary of GNE, Nanjing GCL New Energy, has signed a 100 MW module supply agreement worth RMB 398 million (around US$61.8 million) for its 100 MW PV power station project in Funan County, Anhui Province. No other project details were released.

It is the fifth agreement signed between the two parties this year. The other four were for EPC contracts worth around RMB 736.4 million for PV projects totaling 107.5 MW, all in China.

In other GCL news, GNE has signed two separate finance lease arrangements worth around RMB 619.7 million. Under the first, which relates to GNE’s 50 MW PV power project located in Yulin City of Shaanxi Province, Xinxin Finance Leasing Company will purchase Hengshan PV Power Generation Equipment from Nanjing GCL for RMB 319.7 million. This will then be leased back to Hengshan Jinghe, an indirect non-wholly owned subsidiary of GNE for a term of two years for RMB355.4 million

The second agreement involves GNE and Changcheng Guoxin, whereby Changcheng Guoxing will purchase the Hainan Equipment from GNE indirect wholly owned subsidiary, Hainan Zhongli Power for around RMB 300 million. Changcheng Guoxing will then lease the equipment back to Hainan Zhongli Power for a fixed term of 24 months for RMB 332.5 million.