GCL-Poly Energy Holdings
GCL-Poly Energy Holdings Limited is engaged in the development, investment, management and operation of cogeneration and power plants, and trading of coal in the People's Republic of China.
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GCL-Poly to buy China's largest polysilicon producer
GCL-Poly Energy yesterday has agreed to buy Jiangsu Zhongneng Polysilicon Technology Development Co, the mainland’s largest solar-cell parts maker, for HK$26.3bn.
It will fund the purchase by issuing new shares to its existing shareholders. Jiangsu Zhongneng is China’s largest supplier of polysilicon, the costliest component in solar panels.
The deal comes as China plans to increase its solar capacity by five times by 2020. GCL-Poly currently owns or controls 18 thermal power plants, one incineration power plant and one wind power plant on the mainland.
