GCL

The polysilicon manufacturer yesterday extended the deadline for postponing settlement of the investments until Friday – with the notes set to expire on Saturday.

Parent company hopes to raise $535 million from the move with $500 million worth of three-year senior notes owed by its solar project business due to mature on January 30.

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.

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.

The polysilicon manufacturer, which is bent on slimming down its capital-intensive project development business, has generated another windfall to go towards servicing its onerous debt pile.

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.

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.

The proposed acquisition by state-owned China Huaneng of 294 MW of GCL project capacity in China has been delayed a second time.