GCL to divest majority stakes in 977 MW Chinese solar portfolio
Chinese polysilicon manufacturer GCL-Poly Energy Holdings and its solar project developing subsidiary GCL New Energy Holdings (GNE) are looking at divesting a majority stake in 19 solar power plants with 977 MW capacity.
The companies are selling 70% of their share of this operational capacity for an aggregate cash consideration of CNY1.74 billion (US$251.5 million). Shares in project companies will be sold to Shanghai Rongyao New Energy Co Ltd, a special purpose vehicle in which Ningbo Rongshang Investment Partnership holds a majority stake.
GCL hopes to raise around CNY2 billion (US$289 million) from this transaction to be used for further repayment of debts.
It will, however, continue to provide operation, maintenance, and management services for these solar power plants which will generate a stable service fee to the GNE Group.
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