GCL’s solar project business spells out how it slashed debts in 2021
The developer last year sold off 2.9GW of solar generation capacity to state-owned entities to reduce its debt pile by $1.76 billion and has another 298MW up for sale as it repeated its intent to switch to blue, and later, green hydrogen.
GCL shifts emphasis to green hydrogen as gas supply deal falls through
Previously announced plans by the solar developer to pay a deposit to secure gas from a connected business expired on Friday and the company has now said it will focus on a form of the energy carrier powered by renewables.
Chinese PV Industry Brief: JA Solar increases production capacity in Vietnam, IDG Energy enters solar business
JA Solar is expected to put another 3.5GW of cell capacity into operation by the end of June and Hong Kong-based IDG Energy Investment will venture into cell manufacturing by establishing a “foreign invested” project company.
GCL wants note holders to back switch to gas-fired hydrogen
The Chinese solar developer, which has sold off four-fifths of its PV project capacity to state-owned entities, wants the permission of the holders of $420 million of 2024 senior notes to change the terms of their investment so it can buy Ethiopian natural gas from a connected business.
GCL-Poly says staff at state company gave misleading responses to investigation into problematic pre-payment
“Junior” figures at state-owned Sinomec Refinery & Chemical Corp told investigators from then-GCL auditor Deloitte that most of an advance payment made for a granular silicon plant had been passed on, in a bid to dissuade GCL from halting the EPC contract, the solar manufacturer said on Friday.
Poly and wafer price rises helped GCL with debt pile, seven-months-overdue figures indicate
The polysilicon manufacturer and solar project developer has finally managed to publish the annual figures for 2020 and appears to be placing a lot of faith in its less-energy-intensive granular silicon product. In the meantime, though, another debt repayment deadline is looming within a fortnight.
GCL has no record of performing due diligence on lender which walked away with $120m of its stock
An investigation into internal controls at the polysilicon maker found the company permitted deals to be signed off solely on paper in certain circumstances and also unearthed no evidence anyone had done their homework before handing over 865 million shares to secure a loan which, GCL says, never materialized in full.
GCL accepts it has lost 865 million shares in its solar project business
An investigation into the financier which promised to lend the polysilicon company’s solar project development arm $60 million two years ago, has turned up nothing more than an address in St Kitts and Nevis and allegations of fraud against one of its key personnel.
GCL enters ‘final phase’ of its great project sell-off
The solar farm development unit owned by the poly maker sold off 2 GW of photovoltaic generation capacity in China in the first six months of the year but has confirmed more sales lie ahead.
The Hydrogen Stream: GCL will use Ethiopian natural gas to feed its ammonia and blue hydrogen
Plus there is news this week of a green hydrogen tie-up in India, plans for another German production facility, and of new hydrogen transport networks for Switzerland and the U.S.
