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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.

Plans for 112 MW agrivoltaic project in China

Details emerged in a stock market update issued by the state-owned company which bailed out privately-owned solar developer Panda Green. Nenggao Automation will carry out the EPC contract.

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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.

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Cash-strapped GCL prepares to pay $189 million to ease project sell-off

The polysilicon maker, which is disposing of the solar farms managed by its New Energy business to pay down debt, is preparing to pay more than RMB1.2 billion to buy a minority stake in a subsidiary it already owns the rest of.

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Overdue subsidy payments force Chinese solar developer to sell off prized LED business

Shunfeng International wants shareholders to wave through the sale of a business unit which offered a rare positive update in its last set of annual accounts. The parent wants to accept an offer for the operation from a company controlled by one of the directors of the seller.

Jinko and JA Solar to invest $100m in 100,000-ton polysilicon fab

The two solar manufacturers will get priority access to polysilicon produced at the planned fab in Inner Mongolia, which developer Xinte Energy has said will be fully operational by June 2023.

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GCL reveals it lost 865 million shares in New Energy business over loan disagreement

The Chinese polysilicon manufacturer said it only discovered this month that the stock in its solar project division – which it had pledged to secure a $60 million loan which GCL says was never delivered – had been claimed by the lender a year ago, on the grounds the finance agreement had been breached.

GCL auditor resigns over silicon project pre-payment probe

Deloitte has walked away from the polysilicon manufacturer, despite the latter having followed the accountant’s recommendation to appoint a third party to investigate why a near-$80 million payment was made in September 2019. Apparently the parties could not agree the detail of the investigation to be carried out.

Chinese solar developer expects $0.22/W cost for lithium-ion storage in 2023

The board of Xinyi Solar has announced it expects to have to install energy storage at its Chinese solar projects from July onwards, as a result of the recently launched five-year plan.

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GCL confirms thumping annual loss for 2020

The polysilicon maker lurched from a $17m profit in 2019 to a $960 million loss last year, according to an unaudited extract from its overdue annual figures. Publication is being held up by an auditor enquiry relating to a $71m abandoned-production-project pre-payment which appears to be either owed by, or to, a GCL subsidiary.

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