New hold-up in recommended $536m windfall for GCL New Energy

• The suggested procurement by state-owned China Huaneng of 294 MW of GCL project ability in China has actually been postponed a 2nd time.

There has actually been one more possibly threatening hold-up in the prepared RMB1.08 billion ($155 million) sale of 294 MW of Chinese solar project ability by developer GCL New Energy to Chinese state-owned China Huaneng.

Huaneng ignored a suggested requisition of the heavily-indebted Hong Kong-listed solar developer in November and also consequently introduced strategies to rather obtain 7 GCL New Energy project firms in a bargain which would certainly likewise eliminate RMB2.66 billion from the developer's substantial financial debt heap.

The purchase, by 2 China Huaneng-owned funds, depends on authorization by investors in GCL New Energy as well as its GCL Poly moms and dad firm. Nevertheless, with information of the ballots called for initially readied to be released on February 13, and afterwards delayed up until Friday, details concerning the investor conferences has actually currently been returned once again, to March 31.