Taiping Financial was said to establishing a US$1.02 billion investment fund for the purpose of investing in GNE by way of subscription of new GNE Shares and convertible bonds. Image: GCL New Energy
GCL New Energy Holdings (GNE), the downstream independent PV power producer arm of leading polysilicon and solar wafer producer GCL-Poly Energy Holdings, has secured a HK$8,000 million (US$1.02 billion) in new finance.
Taiping Financial was said to be establishing a US$1.02 billion investment fund for the purpose of investing in GNE by way of subscription of new GNE Shares and convertible bonds.
The financial services firm is expected to hold less than 30% of the issued share capital of GNE after the issuing of new shares by the PV project developer. The subscription price of each new GNE share was said to set at 10% discount to the average closing price of GNE shares on the Hong Kong Stock Exchange.
PV Tech previously reported GNE had reported that in the first half of 2017, its cumulative installed PV power plant capacity surpassed 5GW for the first time.
GNE reported cumulative installed PV power plant capacity of approximately 5,049MW in that period, an 88.4% increase year-on-year. The majority of PV project developments were in China.
Jun 15 - Jun 16, 2021
The Utility Solar Summit UK will focus entirely on the opportunities in the UK ground-mount space and feature the new technology and advanced innovations allowing asset owners to improve yield in a subsidy free market. Listen to senior market leaders share stories of their successes and manufacturers pushing the envelope for solar PV whilst taking advantage of our enhanced networking features to connect you with your peers onsite; realising the potential of UK utility scale deployment from 2020 and beyond.
Mar 10 - Mar 12, 2021
Penang, Malaysia (also available virtually)
Understand fully the technical and logistical supply chains that determine the production and performance of solar modules, including all related factors impacting quality, reliability & bankability. This event will be run as a live event in Penang for delegates able to attend and will also welcome virtual delegates via streamed content and online networking.