GCL New Energy offloads 294 MW Chinese solar portfolio to China Huaneng Group
Date
January 27, 2020
Type
M&A Transactions
Subtype
Transaction agreement announced
Countries
China
Subsectors
Photovoltaic
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GCL New Energy, a subsidiary of GCL-Poly, has signed a deal to sell 7 operational solar power plants in China with an installed capacity of 294 MW to China Huaneng Group.
The deal, subject to shareholder agreement is valued at approximately CNY1.08 billion (US$ 156.4 million). GCL New Energy is selling the PV power plants in a debt-for-equity type swap.
