International renewable energy provider GCL New Energy, a subsidiary of GCL-Poly has signed a deal to sell 7 operational solar power plants in China with an aggregate installed capacity of approximately 294MW to one of the five largest state-owned electric utility enterprises in China, China Huaneng Group. This was reported on the website and information partner of CISOLAR 2020 pv-magazine.
The deal, subject to shareholder agreement is valued at approximately RMB 1.08 billion = 156, 53 million $.
GCL New Energy is selling the PV power plants in a debt-for-equity type swap to reduce its high debt burden. Both companies were said to be in discussions to “reach and execute more agreements concerning disposals of solar power plants soon.”
In the framework of the 8th Solar energy Conference of Central and Eastern Europe CISOLAR 2019, a senior sales manager in Eastern Europe of GCL Maria Samoila told about high-efficiency solar products and feasible solutions for the Ukrainian market.
As of November 2019, GCL has delivered over 18 GW of solar energy worldwide since 2015.
“We are happy to see large growth in renewable deployments, but we also see the challenges intermittency poses to grid operations,” said GCL SI Chairman Eric Luo.
At CISOLAR 2020 GCL became a Megawatt sponsor and will take part in Solar Energy Conference and Trade Show on April 7-9.
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