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 GNEs 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 companys 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.
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: email@example.com.