Subscribe today and receive an extra account for free.
Subscribe
Solar panels. Author: University of Salford Press Office. License: Creative Commons. Attribution 2.0 Generic
June 6 (Renewables Now) - GCL-Poly Energy Holdings Ltd (HKG:3800) today announced plans to sell a 51% stake in its indirect subsidiary Jiangsu Zhongneng Polysilicon Technology Development Co Ltd in the wake of solar policy changes announced by China on Friday.
The company will sell the interest to Shanghai Electric Group Co Ltd (SHA:601727). The price is yet to be determined but the overall valuation of Zhongneng Polysilicon is not expected to exceed CNY 25 billion (USD 3.9bn/EUR 3.3bn). Half of the price will be paid in cash and half in shares.
GCL-Poly Energy has decided it is important to find a strategic partner after the Chinese government recently unveiled measures aimed at, among other things, an accelerated reduction of subsidies in the solar sector.
The company believes that the potential creation of a strategic partnership with Shanghai Electric can support the growth and development of Jiangsu Zhongneng, according to the statement.
(CNY 1 = 0.157/EUR 0.133)
Phaseout of EU tariffs on Chinese PV imports may be delayed - report
Jun 19, 2018 17:21 CEST
ReneSola not discouraged by China policy changes, ups Q1 guidance
Jun 05, 2018 17:08 CEST
to-the-point: GCL-Poly secures USD-50m credit facility
Jun 05, 2018 16:27 CEST
Brazil's Parana exempts DG generation from ICMS tax
May 30, 2018 9:13 CEST
Tongwei lands crystalline silicon supply deal from Longi
May 29, 2018 8:55 CEST
Longi Solar sets 20.66% front-side efficiency record for bifacial shingling modules
May 28, 2018 9:02 CEST