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.
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
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.