GCL eyeing near-800 MW solar project sell-off to state-owned Three Gorges

Polysilicon maker GCL-Poly this afternoon announced it is following up the 321 MW of Chinese solar project capacity it has sold to Three Gorges Asset Management Co Ltd by preparing to hive off another 469 MW to the state-owned energy company.

Having rubber-stamped the initial deal, which will bank polysilicon maker GCL-Poly's New Energy project business RMB928 million (US$141 million), shareholders will now vote on expanding the sale to generate a further RMB1.39 billion, with details of the vote to be circulated by May 31.

With the 321 MW transaction removing RMB1.29 billion of liabilities off GCL's books, the proposed extension of the deal could take another RMB4.25 billion (US$647 million) out of the red column of the company accounts. Unusually, GCL would gain RMB249 million on the book value of the latest slew of solar parks sold and the company said further sales to Three Gorges could be in the offing.

GCL was among a bevy of Hong Kong-listed companies who suspended trading in their stock this morning after missing the deadline to publish their annual reports for 2020.

Having already postponed release of its figures from Monday until yesterday, GCL today announced it expects to file its annual report today. Under Hong Kong Stock Exchange rules, annual reports must be published no later than three months after the 12 months in question.

GCL today said it expects its shares to resume trading on Wednesday.