In mid-December, Dongsheng Photovoltaic Technology (Dongsheng PV) — a wholly owned subsidiary of GCL System Integration — agreed to acquire 1.91 billion shares of GNE at HK$0.55 each in a share subscription.
Dongsheng PV and several other parties bought roughly 10.01% of GNE’s total issued shares, while GCL-Poly Energy still indirectly holds about 62.28% of the company’s issued share capital, according to an online statement.
Following Dongsheng PV’s completion of that transaction, GCL-Poly Energy needed to clarify a number of service deals struck between its various subsidiaries over the past year and a half.
In May 2016, for example, GNE International agreed to provide asset management and administrative services to GCL Solar Energy for US$14.5 million over a period of three years. The deal includes plans to sell off excess PV modules remaining in GCL Solar’s inventory, for at least US$0.03/watt, as well as services that will be provided to solar arrays in the U.S. and South Africa.
In July 2017, Suzhou GNE Operation also agreed to provide O&M services for 353 MW of PV capacity owned by PV investor Suzhou GCL-Poly, at an annual rate of CNY 35.3 million ($5.4 million) for a period of three years.
In addition, Suzhou GCL Industrial Applications Research agreed in September to lease commercial space in an industrial park in the Chinese city of Suzhou to GNE Investment. The properties include about 4,790 square meters of office space and roughly 25,792 square meters of space in an R&D facility.
Last March, GNE secured approval to issue for $254 million of green bonds via its Suzhou GCL New Energy Investment subsidiary.