GCL divests 55% controlling stake in its three subsidiaries

GCL New Energy Holdings Ltd has agreed to dispose 55% of interest in its three subsidiaries Xinan GCL, Ruzhou GCL and Jiangling GCL that together own 280 MW of solar projects in China for CNY246.4 million (US$36.6 million).

GCL's units Suzhou GCL New Energy, Henan GCL New Energy and Wuling Power, a joint venture of China Power International Development Ltd and Hunan Xiangtou International Investment Ltd, have signed a share transfer contract.

GCL New Energy will continue to operate and maintain the solar portfolio.

The transaction is expected to be completed on March 31, 2019.