Solar power-focused firm GCL New Energy Holdings Ltd (HKG:0451) said Monday it has entered into a contract to acquire nearly 38 MW of photovoltaic (PV) panels for projects in the US state of North Carolina.
Under a module sales agreement from October 31, the Hong Kong-based company’s unit GCL New Energy Inc will purchase 275-W, 280-W, 285-W and 290-W PV panels from sister company GCL Solar Energy Inc. All of the parties involved, including GCL New Energy Holdings, are associated with Chinese silicon wafers and polysilicon maker GCL-Poly Energy Holdings Ltd (HKG:3800).
The buyer will pay about USD 9.5 million (EUR 8.7m) for the solar equipment, according to a statement on the Hong Kong Stock Exchange. The panels will be installed across Wilson county.
GCL New Energy is active in the downstream renewable energy field with a focus on solar power, and also makes printed circuit boards. The company noted that GCL Solar Energy decided to sell the modules, as it was unable to finish certain projects in time to take advantage of a favourable tax incentive monetisation scheme.