GCL Poly has secured two new credit lines worth a total of US$490 million. Downstream subsidiary GCL New Energy also confirmed it had secured a 95% interest in a project in Jiangsu Province.
Both facilities have a three-year term. The bank is not named in the filing to the Hong Kong stock Exchange detailing the new finance. It does say that it is the same organisation that provided the company with credit lines in 2011 and 2013, suggesting that the lender is the China Development Bank.
The company said the first US$240 million credit line would be used to “fund one of the subsidiaries of the company”. It is not clear if the subsidiary in question is its downstream arm, GCL New Energy.
The renewable energy investor GCL New Energy said it had taken a 95.02% stake in Jinhu Zhenghui PV for a total of RMB160.6 million (US$26.1 million). Jinhu has a 100MW project currently under development.