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.
GCL-Poly posts $141m loss in H1
The Chinese PV group recorded a loss attributable to owners of the company of roughly $141.1 million, as its solar materials division posted a loss of approximately $185.5 million.
Solar financing up but policy support is still crucial
Talk of ‘grid-parity’ and ‘subsidy-free’ solar has had industry figures cherishing the ideal of a sector that can operate free of the caprices of government but a peer behind the latest global PV funding figures demonstrates just how dependent on policy the solar industry remains.
Panda Green generates small change in battle to pay down debt
The Hong Kong listed developer is set to bank just south of $1.75 million from a Chinese state-backed partial stake sale in two PV projects, but will have to cut an awful lot more deals of that scale to keep creditors at bay.
GCL enters another expensive sale-and-leaseback deal
The heavily indebted poly manufacturer and project developer will receive an immediate $50 million fillip from the sale of an 80 MW solar project but will then have to pay back $76 million over ten years.
GCL Poly realizes swift $166m profit in Xuzhou to pay down debt
The polysilicon giant’s Jiangsu Zhongneng unit invested $196 million into a $487 million fund alongside public partners to promote clean energy manufacturing in the Chinese city. A stake sale in the Xinjiang GCL subsidiary, if approved by shareholders, will more than recoup the group’s outlay.
GCL-Poly completes shares placement to help pay down debts
Company stock diluted more than 8% to generate gross proceeds of $87 million as the company continues its policy of expansion at a breakneck rate.
Shareholder dissent clouds boardroom appointments at GCL-Poly
There was significant opposition to the re-appointment of three executives at today’s AGM, suggesting unease at a strategy that involves loading ever more debt onto the manufacturer as it bids to rapidly outgrow its rivals in terms of production capacity.
GCL-Poly dilutes stock to raise $87m to keep on top of debts
The polysilicon and wafer maker has been busy raising cash of late by indulging in a fire sale of project assets. With plans for ever larger production capacities to fund, it has now announced the issue of new shares amounting to more than 8% of the existing stock.
