GCL raise HK $ 740 million rights issue with new energy PV power station

Polaris solar PV net news: GCL energy said yesterday that it will GCL holdings, a wholly owned subsidiary of the company (hereinafter “seller”), the related companies made “old new” placement agreement, seller shall sell the about 291 million shares at HK $ 2.55 GCL energy of existing shares, raised HK $ 742 million. The money will be used for investment, construction and development of photovoltaic power stations and so on.

GCL energy is photovoltaic power plant operation of Concord Group for developers.

The so-called “old new”, is one of listed companies raise funds in the capital market, first by major shareholders of listed companies will be part of a share placement to fund and other agencies, and major shareholders to subscribe for new shares issued by the listed company.

“To do so, mostly with institutional investors want to buy shares in GCL energy or GCL new energy as soon as possible to start fund-raising, but limited to a longer process of placing of new shares, traditionally have been authorized by the General Assembly of shareholders and relevant departments for approval, and so on, listed companies in the Fund raising process will therefore take the above ways. “A PV industry source told reporters.

GCL the placing price of new energy, compared to the previous closing price of allowances about 19.3%, 8.39% of the total issued share capital. At present, the seller 67.99% stake in GCL energy stake, placing number of shares after full completion will be reduced to 62.28%, while public shareholders number of shares will also be dropped from 18.74% to 17.17%.

Of the above placements, mainly related to GCL layout in China new energy PV power plant project. It is speeding up the construction of the new photovoltaic plant at home, and this kind of PV projects are required under the Bank loan and other funds to support.

On May 21 this year, GCL energy revealed a number of large-scale photovoltaic power generation project: such as GD solar signed a cooperation framework agreement, will be built in 2014-2016 in local development 3G Watts of PV (current development 800-megawatt photovoltaic power plant scale). On October 8, the GCL energy announced a total of 661 MW PV Protocol (covering the 500 MW project), GCL singyes solar and new energy, environment protection, such as Li Xiexin established a relationship between upstream and downstream cooperation strategies, mainly the development, construction and operation of distributed PV in 2015, cooperation project not less than 500 MW, and distributed power-oriented.

Such cooperation, Concord new energy has developed a number of separate PV. As of August 26, their sanitary napkin light solar energy and power company limited (hereinafter “jinhu Ching fai”) contributing $ 152 million Yuan to buy 95.02% shares. At present, the development in Jiangsu jinhu Masateru a 100 MW solar power project. Just two days later, GCL new energy to 81.9 million yuan of total invested Yokoyama Crystal solar power generation Co Ltd, followed by acquisition of island development of new energy in Inner Mongolia were limited (including 31 megawatts of photovoltaic power generation project, 130 MW BIPV) equity, investment amounted to 45.05 million Yuan RMB, and promised to inject 200 million Yuan.

Original title: GCL raise HK $ 740 million rights issue with new energy PV power station

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