China PV News Snippets: GCL New Energy, Tunghsu, Risen

Bermuda Court Approves GCL New Energy’s Restructuring Conditions; Tunghsu & Jingneng Ink Partnership; Risen To Sell Stake In Jiujiu Technology; Guodian Power & Jiugang Group Sign Agreement

China PV News Snippets: GCL New Energy, Tunghsu, Risen

With Guodian Power and Jiugang Group signing an agreement to develop photovoltaic power generation projects together, a first 100 MW project will be soon coming up in Yumen City. (Photo Credit: Guodian Power)

  • Bermuda Court approves GCL New Energy’s restructuring conditions of RMB 3,233 million ($500 million) senior notes maturing in 2021 with a coupon of 7.1%
  • Tunghsu New Energy Investment signs cooperation agreement with Jingneng Clean Energy to develop photovoltaic and wind power generation
  • Risen Energy to sell 12.76% of the shares of Jiangsu Jiujiu Technology Co., Ltd. for RMB 355 million ($54.89 million)
  • Guodian Power and Jiugang Group sign wind and solar cooperation agreement

Bermuda Court approves GCL New Energy’s restructuring conditions: In an announcement, GCL New Energy said that the restructuring conditions of RMB 3,233 million ($500 million) senior notes maturing in 2021 with a coupon of 7.1% have been successfully approved by the Bermuda Court. The company had proposed Bermuda’s restructuring plan in December 2020 to effectively improve its short-term cash liquidity and to gain more time to reduce debt, implement mixed reforms and light-asset transformation. GCL New Energy has been battling its debt woes for few years now (see GCL-Poly To Sell Majority Stake In 977 MW PV Projects)

Tunghsu & Jingneng ink partnership: Tunghsu Azure New Energy announced that its wholly-owned subsidiary Tunghsu New Energy Investment Co., Ltd has signed a cooperation agreement with Jingneng Clean Energy, a holding subsidiary of Beijing Energy. With this agreement, both the companies will jointly develop photovoltaic and wind power generation plants, power plant operation and maintenance, energy storage and comprehensive energy projects, and cooperate around photovoltaic, wind power, energy storage and other new energy projects in various provinces including Tianjin, Hebei, Henan, Jiangsu, and the like.

Risen to sell RMB 355 million stake in Jiujiu Technology: Chinese solar PV module producer Risen Energy said in an announcement that it plans to sell 12.76% of shares of Jiangsu Jiujiu Technology Co., Ltd. for RMB 355 million ($54.89 million). The Chinese PV company has taken this decision so that it can focus on its main business of photovoltaic manufacturing.  Jiangsu Jiujiu New Energy’s product is lithium hexafluorophosphate, which is a core raw material for lithium-ion battery electrolyte.

Guodian Power & Jiugang Group sign agreement: Guodian Power and Jiugang Group have signed a wind and solar cooperation agreement, Guodian Power announced. As per this agreement, both the companies will develop renewable green energy such as wind power and solar energy in the Jiuquan area in batches and phases. Both of them will also cooperate in the long-term development and construction of wind power and photovoltaic power generation projects with installed capacity of not less than 2,000 MW and 1,000 MW respectively. In the first phase, a 200 MW wind power and 100 MW PV power generation project will be jointly constructed in Yumen City.

 

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