SunEdison gets greenlight to close US$150 million sale to GCL-Poly

Share on facebook
Share on twitter
Share on linkedin
Share on reddit
Share on email
If the US bankruptcy court grants final approval to the sale later this month, GCL Poly will possess the FBR polysilicon assets of SunEdison. Source: SunEdison

Bankrupt renewables firm SunEdison has finally got the green light to proceed with the US$150 million sale of its FBR (Fluidised Bed Reactor) technology polysilicon assets to GCL-Poly Energy Holding after a deal was struck with company spinoff, SunEdison Semiconductor.

The 2014 spinoff had objected to the sale, which had received US bankruptcy court approval in October. GCL-Poly initially placed its bid for the assets, primarily held by Korean-based production plant SMP, in August, with a US$50 million deposit.

SunEdison Semiconductor had been arguing that it had not consented to the transfer of intellectual property licences as part of the deal with the leading polysilicon and solar wafer producer, rendering the transaction unable to close.

In resolution, “the mutual consent” for the licences was given, according to court documents, enabling the licences to be transferred for GCL and for the deal to subsequently close, if granted final approval by the bankruptcy court. In addition, the settlement extended the Transition Services Agreement between Semi and SunEdision and paid for Semi’s “administrative expenses and general unsecured non-priority claims” to the sum of US$2,679,554. Semi also received a general unsecured non-priority claim in the aggregate amount of US$16.5 million.

The US$150 million sale to GCL will be cleared to transpire if approved by the US bankruptcy court in a hearing on 24 January. 

Read Next

April 14, 2021
Meyer Burger is on track to start shipments of its first heterojunction (HJ) solar modules made in Germany to distributors in July.
April 13, 2021
Major ‘Solar Module Super League’ (SMSL) member JinkoSolar has guided 2021 total product shipments (wafers, solar cells and modules) to be in the range of 25GW to 30GW.
April 6, 2021
Polysilicon producer REC Silicon has surprisingly terminated it supply chain partnership with US PV manufacturing start-up Violet Power, claiming it would best serve its shareholders by focusing on doing business with “established, proven, active and relevant solar supply chain partners”.
March 30, 2021
‘Solar Module Super League’ (SMSL) member JA Solar has reported PV module shipments of 15.88GW in 2020, up from 10.26GW in 2019, a 54.8% increase year-on-year, setting new records for total shipments and shipment growth.
March 25, 2021
Thin-film laser systems equipment supplier LPKF Laser & Electronics suffered from delays in receiving new expected orders from two long-stand customers last year.
March 23, 2021
Lightsource bp has been selected to build, own and operate seven solar arrays in Pennsylvania that will provide nearly half of the state government’s electricity.

Subscribe to Newsletter

Upcoming Events

Solar Media Events
April 20, 2021
Upcoming Webinars
April 28, 2021
4:00 - 4:30 PM CET
Solar Media Events
May 11, 2021