Chinese PV giant buys US solar project development rights

GCL New Energy has acuiredn project rights totalling 68.5MW. Source: GCL New Energy.

Chinese project developer and owner GCL New Energy has purchased 68.5MW of development rights in North Carolina.

A US subsidiary of the company, GCL New Energy (NC) I, LLC, has acquired the rights to seven unbuilt projects in North Carolina totalling 58.5MW, according to papers filed with the Hong Kong Stock Exchange. The deal is worth just over US$4.2 million with half to be paid on signing, a quarter when an EPC is assigned and the balance once the projects are operational. The seller, Mount Olive, has a 60-day exclusivity clause to negotiate for the right to act as EPC on the projects.

A second deal for the rights to develop a 10MW plant, also in North Carolina, has been signed for US$720,000.

GCL New Energy has agreed a reduction in the price of the group of seven projects should it not prove possible to negotiate down the grid connection cost with local authorities.

Tags: gcl new energy, gcl, north carolina, usa