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.
Chinese poly maker moves to establish natural gas-fired hydrogen business
An announcement by GCL-Poly to the Hong Kong Stock Exchange yesterday about the company’s hydrogen plans made no mention of any intent to deploy carbon capture tech to mitigate the emissions of what would otherwise be considered a ‘grey’, fossil fuel version of the energy storage medium.
General manager of GCL subsidiary approved $79m contract payment against company policy
While the independent investigation of a payment handed over to a state-owned lead contractor for a polysilicon fab planned by GCL exposed a breach of internal policy, the manufacturer has been cleared of any non-compliance with legal requirements.
Interview: GCL to focus on system integration solutions, more than a high efficiency module provider
At this year’s 2021 SNEC Expo, GCL System Integration, a part of the Golden Concord Group (hereinafter referred to as GCL), launched a series of new module products which echoed the horn of the returning of this old giant. The company suffered a lot on finance in past few years due to subsidy default from central government to its heavy PV plant assets. After a big sale of these PV plants since late 2018 to China state owned energy enterprises, the liabilities and financial costs was cut off greatly and, the company reloaded with no more burden and came back to the frontline again. pv magazine caught up with general manager Thomas Kun Zhang to see what’s in store for GCL going forward.
