GCL looking to raise $748 million


Under the first rights issue, GCL-Poly Energy Holdings Limited aims to secure around HK$3.5 billion (approx. US$451.5 million). HK$1.2 billion will be used for reducing indebtedness – sitting at roughly HK$56.3 billion as of November 30, 2015, of which HK$27. 3 billion is due within one year – while HK$775 million will go towards general working capital.

Meanwhile, separately listed subsidiary, GCL New Energy Holdings Limited (GNE) has said it wants to raise around HK$2.3 billion (approx. US$302 million). Of this, HK$1.2 billion is expected to go towards solar PV project developments, while HK$900 million will be used for reducing indebtedness (around HK$15 billion at the end of November).

A further HK$200 million will go towards general working capital, including roughly HK$480 million to fund the purchase of solar modules for GNE’s 100 MW solar PV project located in Funan County; and approximately HK$730 million to partially fund EPC services for a 110 MW solar PV project in Hubei Province.

GCL-Poly sold the non-solar arm of its business to Jiangsu Golden Concord Energy Co. at the start of December for RMB 3.2 billion (around US$503 million), leaving it to focus solely on its core solar business. A specific aim for the group is to increase the scale of its solar farm operations through mergers and acquisitions.

To date, it has a project portfolio totaling 2.2 GW, of which 771.5 MW comprise aggregate installations and 645.3 MW are grid-connected systems. Overall, GNE has completed construction on 21 solar PV farms with grid connection approval; an additional 25 under construction with the target of achieving grid connection in the coming 122 months. The company’s current pipeline – projects in development or under construction – totals over 776 MW.

Regarding its other solar operations, GCL's annual polysilicon production capacity is said to have reached 70,000 MT, while wafer production capacity

increased to 14 GW as at June 30, 2015.

Popular content

This content is protected by copyright and may not be reused. If you want to cooperate with us and would like to reuse some of our content, please contact: editors@pv-magazine.com.


Related content

Elsewhere on pv magazine...

Leave a Reply

Please be mindful of our community standards.

Your email address will not be published. Required fields are marked *

By submitting this form you agree to pv magazine using your data for the purposes of publishing your comment.

Your personal data will only be disclosed or otherwise transmitted to third parties for the purposes of spam filtering or if this is necessary for technical maintenance of the website. Any other transfer to third parties will not take place unless this is justified on the basis of applicable data protection regulations or if pv magazine is legally obliged to do so.

You may revoke this consent at any time with effect for the future, in which case your personal data will be deleted immediately. Otherwise, your data will be deleted if pv magazine has processed your request or the purpose of data storage is fulfilled.

Further information on data privacy can be found in our Data Protection Policy.