GCL-Poly eyes Same Time stake

GCL-Poly has signed a memorandum of understanding that could see it buy a significant stake in printed-circuit board specialist Same Time, which would then overhaul its business to become a PV developer.

The arrangement – non-binding at this point – would see GCL-Poly spending HK$1.8bn ($230m) on a 29% stake in Hong Kong-listed Same Time by buying shares and convertible bonds.

Same Time would use the funds to “to diversify its business and to expand into the renewable-energy sector”, including “developing, acquiring or investing” in PV plants and projects.

GCL-Poly says the arrangement would give it a separate “platform” for investing in solar projects.

GCL-Poly, the world’s largest producer of PV-grade polysilicon and among the largest wafer makers, owns a fleet of coal-fired power plants in China, but aims to become a major global PV developer.

It owns a handful of existing PV arrays in China, and as of June had nearly 100MW of capacity under construction – mostly outside of China. In addition to a slew of projects in the US, GCL-Poly has taken sizeable stakes in two South African projects.