GCL New Energy secures go-ahead for $254 million of green bonds

If the company proceeds with the plan, it will offer the 1.75 billion yuan ($254.2 million) financial instruments for a term of up to three years, according to a statement to the Hong Kong stock exchange.

The group —which had cumulatively installed roughly 2.7 GW of solar by the end of June 2016 — emphasized that it may not end up issuing the bonds.

It intends to announce more details about the the proposed non-public issuance in the future, it said, without revealing a specific timeline.

It first revealed plans to offer the bonds in December, to fund the construction of undisclosed renewables projects.

Green bond issuance is soaring in China, with recent figures from China Central Depository & Clearing and the UK-based Climate Bonds Initiative showing that companies raised roughly 201 billion yuan in 2016.