The board’s explanation for an anticipated $900 million hit in 2020, following a profit a year earlier? ‘The figures for 2019 were deceptive.’
The poly maker yesterday secured approval from unpaid creditors to restructure the company’s debts and will commit the anticipated $115 million windfall from its shares placement towards its financial commitments.
Creditors refused to postpone payment of the three-year notes for another 36-month term and now face receiving less than 5% of the amount due once a proposed debt restructure is completed, with the balance kept back until January 2024 regardless.
Chinese state entities are now behind five phases of two separate sales deals which, if approved, will transfer more than 1.8 GW of solar generation capacity into public ownership.
The latest, seven-project, 217 MW, $150 million project sell-off announced by the development business of polysilicon producer GCL-Poly means a lot will be at stake in the vote by its shareholders at an extraordinary general meeting in the new year.
The debt-saddled GCL New Energy solar project business of the polysilicon manufacturer is aiming to sell off solar farms to transform into an ‘asset light’ operation.
Chinese solar project developer GCL has added 109 MW of generation capacity to the portfolio it plans to sell to the state-owned buyer but on worse terms than the initial phase of project sales.
Portugal set a new coal-free record because of the pandemic as Belgium and Israel moved to help the renewables industry. But there was grim news in Mexico and Turkey, and Bangladeshi clean energy firms have appealed for more assistance.
Chinese solar project developer GCL New Energy revealed in its latest update in a drawn-out project sale saga how coronavirus measures will affect corporate gatherings.
Debt-saddled GCL-Poly’s attempts to renegotiate $809 million of defaulted borrowings have been held up because of the coronavirus crisis unfolding in Europe, where one lender is based. Shareholders are due to vote tomorrow on a project sale which could generate $153 million of benefits.
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