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 ...

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