Crucial Chinese solar portfolio sale held up a third time

Investors in debt-saddled PV developer GCL New Energy will have to wait at least another month before a vote on a proposed project sale to a Chinese state-owned entity which would bring benefits of $526 million.Heavily indebted solar project developer GCL New Energy will have to wait longer for the sale of 294 MW of its Chinese portfolio after the transaction was postponed for a third time. Details of the vote required from GCL New Energy shareholders, as well as investors in parent company GCL-Poly, were yesterday postponed until April 30. The paperwork related to the RMB1.08 billion ($152 million) ...

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