GCL-Poly Energy wins court nod to buy SunEdison upstream assets

GCL-Poly Energy Holdings Ltd (HKG:3800) said on Wednesday that a US bankruptcy court has approved the company’s planned acquisition of some SunEdison (OTCMKTS:SUNEQ) photovoltaics (PV) production equipment.

As announced in late August 2016, the Chinese solar-focused company agreed to pay USD 150 million (EUR 137m) for certain SunEdison assets. These include its proprietary high-pressure fluidized bed reactor technology for the making of granular polysilicon; proprietary continuous Czochralski (CCZ) technology for single crystalline ingots; and proprietary directional solidification technology for multi-crystalline silicon ingots.

In addition, the deal includes the proprietary diamond coated wire wafering process and technology for wafers and PV cell production; and SunEdison’s proprietary module technology, including a crystalline ingots manufacturing facility in Portland, Oregon.

The vendors in this deal include SunEdison, SunEdison Products Singapore, MEMC Pasadena and Solaicx, all of which filed voluntary petitions for relief under Chapter 11 in April.

GCL-Poly Energy noted that the transaction is still subject to certain conditions, including approval by the Committee on Foreign Investment in the United States (CFIUS).

(USD 1.0 = EUR 0.916)

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