State-owned China Huaneng still running the rule over which GCL assets to cherry-pick

The Beijing-owned electric utility is still carrying out due diligence of solar project assets in the GCL New Energy portfolio, having walked away from a full state bail-out of the GCL business last month.

The solar project arm of Chinese polysilicon manufacturer GCL says state-owned investor China Huaneng has yet to identify which of its generation assets it wishes to acquire.

GCL had hoped to sell a 51% stake in its New Energy project business to the Beijing-owned entity as part of the parent company’s strategy of becoming a pure-play solar manufacturer.

However China Huaneng and GCL last month announced they were unable to settle terms for the proposed bail-out and the state-owned entity instead said it would acquire “certain” solar projects and the management businesses associated with them.

Talks about which projects China Huaneng will cherry-pick are ongoing, according to Friday’s announcement.

Elsewhere on the Hong Kong stock exchange, fellow solar project developer Singyes Solar announced the shareholder meeting required to vote on its name change will be held in Hong Kong on February 6.

The company wants to change name to China Shuifa Singyes Energy Holdings Ltd after being bailed out by the Water Development (HK) Holding Co Ltd unit of Chinese state-owned Shuifa Group Co Ltd construction conglomerate.

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