New hold-up in proposed $536m windfall for GCL New Energy

The proposed acquisition by state-owned China Huaneng of 294 MW of GCL project capacity in China has been delayed a second time.

There has been another potentially ominous delay in the planned RMB1.08 billion ($155 million) sale of 294 MW of Chinese solar project capacity by developer GCL New Energy to Chinese state-owned China Huaneng.

Huaneng walked away from a proposed takeover of the heavily-indebted Hong Kong-listed solar developer in November and subsequently announced plans to instead acquire seven GCL New Energy project companies in a deal which would also remove RMB2.66 billion from the developer’s huge debt pile.

The acquisition, by two China Huaneng-owned funds, is dependent on approval by shareholders in GCL New Energy and its GCL Poly parent company. However, with details of the votes required originally set to be published on February 13, and then postponed until Friday, information about the shareholder meetings has now been put back again, to March 31.

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