Covid-19 disruption leaves indebted Chinese manufacturer in limbo
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.
Crucial Chinese solar portfolio sale held up a third time
Investors in debt-saddled PV developer GCL New Energy will have to wait at least another month before a vote on a proposed project sale to a Chinese state-owned entity which would bring benefits of $526 million.
Poly maker pulls out of wafer JV with semiconductor company
GCL-Poly has pulled its commitment to inject US$68m into a 30 GW production capacity wafer fab joint venture established with Tianjin Zhonghuan in the Chinese autonomous region of Inner Mongolia, citing a preference to focus on ‘more competitive products’.
New hold-up in proposed $536m windfall for GCL New Energy
The proposed acquisition by state-owned China Huaneng of 294 MW of GCL project capacity in China has been delayed a second time.
Floating PV in the Persian Gulf
Dubai-based Enerwhere has built an 80 kW floating array at a resort island in Abu Dhabi. The installation features bespoke modules from GCL and Sungrow inverters. The developer told pv magazine the business case was based on the fact the cost of diesel generator operation in such locations can run to $0.25/kWh.
China Huaneng to acquire 294 MW of GCL New Energy projects
The state-owned electric utility is preparing to acquire seven project companies in China, generating $156 million for the developer and removing a further $385 million of liabilities from its books.
China walks away from state bail-out of GCL solar project business
The proposed acquisition of a controlling stake in the heavily-indebted PV project business of solar manufacturer GCL-Poly has fallen through, with state-owned China Hua Neng now proposing to cherry-pick the more attractive assets from the unit’s 7 GW portfolio.
GCL-Poly generates another $349m towards paying down debt
The polysilicon maker has turned a quick $160 million profit from the sale of its stake in a fund it paid $189 million to establish just five months ago. The heavily indebted manufacturer needs to raise funds to pay for its production capacity expenditure.
GCL-Poly making polysilicon at a loss as it piles up $3.36bn more in liabilities than assets
With the company’s up-for-sale project development business revealing extensive debt concerns yesterday morning, that revelation is only half the story.
GCL project development business has $1.6bn current liabilities deficit
The opening pages of the first-half update published on the Hong Kong exchange made all the right noises with the company set to be acquired by a Chinese state-owned entity. But the balance sheet makes for shocking reading.
