GCL Intelligent Energy, a subsidiary of Chinese polysilicon producer GCL Technology, has signed shareholder agreements for two solar projects in Indonesia with a combined capacity of 200MW.
The deal, which includes the 100MW Banyuwangi ground-mounted solar project and the 100MW Gajah Mungkur floating solar project, was signed between GCL and PLN Indonesia Power (PLN IP), a subsidiary of Indonesia’s state-owned electricity company, Perusahaan Listrik Negara (PLN).
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Recognised as priority projects under Indonesia’s Hijaunesia Plan, the projects will advance Indonesia’s renewable energy transition and strengthen regional power supply, the firm said.
PLN IP vice president Julita Indah lauded GCL’s renewable energy expertise and said the utility aims to broaden collaboration across solar, wind, waste-to-energy and storage to drive Indonesia’s energy transition.
Recently, GCL Technology entered into a strategic financing agreement with Infini Capital, an investment institution backed by a Middle Eastern sovereign wealth fund.
The deal involved a private placement of about 4.736 billion shares, raising HK$5.45 billion (US$700 million), with a six-month lock-up to strengthen the company’s shareholding stability.
Additionally, the company signed a US$220 million memorandum of understanding (MoU) with Malaysian PV solutions provider Founder Group to collaborate on renewable energy projects across Malaysia and the wider ASEAN region.
