By Karl-Erik Stromsta in London
Wednesday, October 30 2013
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.
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