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.
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.
Chinese solar giant steps in to acquire rival in $250m swoop
Longi Solar has dramatically stepped in to take over fellow Chinese manufacturer Zhejiang Yize New Energy Technology, which operates 7 GW of module production capacity and 3 GW of cell facilities in northern Vietnam.
Panda Green’s hopes of postponing debt are dashed
The heavily-indebted, Chinese state-owned solar project developer now has ten days to rustle up $242 million after a debt restructuring proposal was accepted by less than a third of its creditors.
State-owned China Huaneng still running the rule over which GCL assets to cherry-pick
The Beijing-owned electric utility is still carrying out due diligence of solar project assets in the GCL New Energy portfolio, having walked away from a full state bail-out of the GCL business last month.
Oman reveals bidders in 146 MW solar-diesel-storage tender
The state-owned Rural Areas Electricity Company wants to build 11 solar-diesel-storage projects in isolated rural areas. Pre-qualified bidders in the tender include Engie, Canadian Solar, Akuo, Longi, Jinko, GCL, Abengoa, Total and Belectric.
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.
Chinese module makers land another two big overseas orders
GCL and Canadian Solar provide further proof of the solar boom that is gathering pace around the world even as attention focuses on the Chinese market.
Eric Luo: China will see just 20-25 GW of solar per year through 2025
The GCL System chief executive made comments that fly in the face of an expected solar gold rush in China that analysts predict will start this month. Though rising overseas demand will address overcapacity fears, according to Luo, the soundbite is sure to chill PV boardrooms across the world’s biggest solar market.
