China Development Bank acquires 75% stakes in the 100 MW solar plant from GCL-Poly Energy
Date
July 06, 2020
Type
M&A Transactions
Subtype
Transaction agreement announced
Countries
China
Subsectors
Photovoltaic
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The unit of China Development Bank Capital, CDB New Energy, has entered into an agreement with the GCL-Poly Energy Holdings Ltd for the sale of a 75% stake in its solar unit, Suzhou GCL New Energy.
The deal signed through GNE Group in which GCL-Poly Energy holds a 62% stake represents an estimated investment of about CNY136.6 million (US$19 million).
Suzhou GCL New Energy owns a 100 MW solar photovoltaic farm in China. The deal is expected to be concluded before the end of 2020.
