GCL-Poly making polysilicon at a loss as it piles up $3.36bn more in liabilities than assets
With the company’s up-for-sale project development business revealing extensive debt concerns yesterday morning, that revelation is only half the story.
GCL project development business has $1.6bn current liabilities deficit
The opening pages of the first-half update published on the Hong Kong exchange made all the right noises with the company set to be acquired by a Chinese state-owned entity. But the balance sheet makes for shocking reading.
GCL enters another expensive sale-and-leaseback deal
The heavily indebted poly manufacturer and project developer will receive an immediate $50 million fillip from the sale of an 80 MW solar project but will then have to pay back $76 million over ten years.
GCL subsidiary commits to give $500,000 to parent companies – after banking around $493,000 from them
The latest stock market update from Hong Kong enables investors with sufficient patience to follow the money merry-go-round at the polysilicon producer.
GCL Poly subsidiary sweats solar assets for $89m cash injection
The poly maker’s project development business has entered a sale and leaseback deal for a 140 MW project that will bring in a financial lift in the short-term but cost more than $31 million over nine years.
ACWA triumphs again in Middle Eastern tendering exercise
With no details reported on the final electricity price agreed for a 500 MW solar project to be built in Oman, speculation will center on whether the victorious Saudi power company and its Kuwaiti partners have again trumped lower offers from overseas rivals.
Sale and repurchase deal – is GCL New Energy scrabbling for funds?
With a RMB21.4 billion chunk of its huge debt pile reportedly set to fall due for repayment in July, ownership of four PV projects with a total 80 MW capacity is due to transfer back and forth as the developer tries to sweat its solar assets.
Scatec wants to double size of project pipeline
Chief executive of Norwegian developer tells markets his company will deliver on 1.5 GW promise by the end of the year – by including any projects it has broken ground on.
GCL New expects H1 profit on 1 GW of capacity
GCL New Energy will likely post a profit of CNY 450 million ($67.4 million) in the first half of 2017, from a profit of just CNY 147 million a year earlier, as it connected 1.04 GW of new solar capacity to the grid.
GCL New signs $5.2 million deal to manage 353 MW
Group unit Suzhou GCL Operation has agreed to provide operation and management services for 353 MW of solar capacity owned by PV investor Suzhou GCL-Poly throughout China.
