New hold-up in GCL project organisation' $155m property sale

Feb 13, 2020 03:58 PM ET
  • Investors preparing to elect on whether to sell 294 MW of Chinese solar ability to Beijing-owned utility China Huaneng will certainly need to wait a little bit longer to learn just how.
New hold-up in GCL project organisation' $155m property sale
Image: See-ming Lee/Flickr

Debt-laden Chinese solar project developer GCL New Energy has actually been required to postpone the launch of information connecting to an investor ballot on the sale of a 294 MW profile in its homeland.

The Hong Kong-listed developer intends to market 7 of its Chinese project business subsidiaries to 2 funds possessed by the Hong Kong department of Chinese state-owned electrical utility China Huaneng.

The recommended sale would certainly produce an internet RMB1.08 billion (US$ 155 million) for GCL New Energy as well as get rid of RMB2.66 billion of obligations from its substantial financial debt heap.

Landmass power firm China Huaneng in November bowed out a recommended bail-out that would certainly have seen it get 51% of GCL New Energy, rather choosing to get several of the developer's generation properties.

The suggested project transfer undergoes ballots by investors at GCL New Energy in addition to its GCL-Poly moms and dad firm.

When the ballots are due to be held were meant to have actually been launched by today at the most recent yet that due date has actually currently been pressed back to February 28, information of.



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