Heavily indebted solar project developer GCL New Energy will have to wait longer for the sale of 294 MW of its Chinese portfolio after the transaction was postponed for a third time.
Details of the vote required from GCL New Energy shareholders, as well as investors in parent company GCL-Poly, were yesterday postponed until April 30.
The paperwork related to the RMB1.08 billion ($152 million) solar project sale, which would also wipe RMB2.66 billion of further commitments off the seller’s balance sheet, were originally supposed to be published by Feb. 13. They were initially held up until Feb. 28 and then until yesterday.
Popular content
The proposed project sale to state-owned China Huaneng follows the buyer’s decision to walk away, in November, from a full takeover of the debt-saddled project development arm of Hong Kong-listed polysilicon manufacturer GCL-Poly.
Both GCL-Poly and the GCL New Energy business published their full-year results for 2019 on the Hong Kong exchange yesterday.
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.
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.