GCL-Poly to establish JV with China Investment Corporation

Facebook
Twitter
LinkedIn
Reddit
Email

GCL-Poly Energy Holdings has announced its plans to enter into a joint venture and share subscription agreement with the Chinese wealth fund China Investment Corporation (CIC). The share subscription agreement is expected to raise around HK$5.5 billion, giving CIC a 20% share in GCL. The joint venture company will be set up in early 2010 to invest in and develop PV projects overseas.

The terms of the subscription agreement will see CIC subscribe for approximately 3,108 million new ordinary shares at the subscription price of HK$1.79 per share and will be subject to closing conditions such as the approval of GCL-Poly’s shareholders, among others. As a result of this transaction, CIC will be entitled to appoint two representatives to the new company’s board.

GCL-Poly and CIC’s joint venture company will be funded by investment of a nominal sum on the part of both companies, with scope for a further capital contribution of a total combined amount of US$500 million.

This article requires Premium SubscriptionBasic (FREE) Subscription

Unlock unlimited access for 12 whole months of distinctive global analysis

Photovoltaics International is now included.

  • Regular insight and analysis of the industry’s biggest developments
  • In-depth interviews with the industry’s leading figures
  • Unlimited digital access to the PV Tech Power journal catalogue
  • Unlimited digital access to the Photovoltaics International journal catalogue
  • Access to more than 1,000 technical papers
  • Discounts on Solar Media’s portfolio of events, in-person and virtual

Or continue reading this article for free

Read Next

Sponsored
July 12, 2024
PV Tech spoke with Helena Li at the Intersolar Europe 2024 event, about how Trina is looking to ensure effective operations.
July 12, 2024
Canadian asset owner Brookfield has acquired a majority stake in Indian clean power company Leap Green Energy in a US$200 million equity investment.
July 12, 2024
China started conducting a trade and investment barrier investigation on the measures used in the EU’s Foreign Subsidies Regulation (FAR).
Premium
July 12, 2024
Even though the solar PV market in Ecuador is currently non-existent, with only a few projects operational and mostly in the distributed generation market, it is about to take off, says José Luis García Pérez, Latin America’s CEO at Spanish developer Zelestra, formerly known as Solarpack.
July 12, 2024
Swiss Utility BKW Energie AG has sign a power purchase agreement with food and beverage company Nestlé in Germany.
July 12, 2024
IRENA has found that the world’s renewable power capacity will need to increase by 16.4%, year-on-year, to meet the world’s climate targets.

Subscribe to Newsletter

Upcoming Events

Upcoming Webinars
July 31, 2024
1:00 PM (BST) / 2:00PM (CEST)
Solar Media Events
September 24, 2024
Warsaw, Poland
Solar Media Events
September 24, 2024
Singapore, Asia
Solar Media Events
October 8, 2024
San Francisco Bay Area, USA
Solar Media Events
October 15, 2024
Santiago, Chile