GCL generates another $85 million with new shares and 100 MW project sale

The polysilicon manufacturer, which is bent on slimming down its capital-intensive project development business, has generated another windfall to go towards servicing its onerous debt pile.Debt-saddled Chinese polysilicon manufacturer and PV developer GCL-Poly secured a US$84.7 million windfall either side of the weekend, thanks to a shares issue and a 100 MW solar project sale. The Suzhou GCL New Energy subsidiary of the company yesterday completed the sale of a 75% stake in a 100 MW solar project in China to a state-controlled entity after GCL-Poly Energy Holdings had placed 1.3 billion new ...

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