Immediate Release 16 January 2012
GCL-Poly Entered into a Framework Agreement with China Merchants New Energy, China Technology and Sinofield, with a View to Establishing the Best and the Most Professional Rooftop Solar Power System Operating Platform
(16 January 2012, Hong Kong) GCL-Poly Energy Holdings Limited
("GCL-Poly", "the Group", stock code: 3800.HK) is pleased to
announce GCL-Poly Investment Limited ("GCL-Poly Investment"),
a wholly owned subsidiary of GCL-Poly, has entered into a
framework agreement with China Merchants New Energy Group
Limited ("China Merchants New Energy") , China Technology
Development Group Corporation ("China Technology") and
Sinofield Group Limited ("Sinofield" or "Target Company"),
and pursuant to which, all parties agree to develop Sinofield
into the best and the most professional rooftop solar power
system operator.
Pursuant to the agreement, GCL-Poly Investment and China
Merchants New Energy agree to invest in Sinofield, a wholly
owned subsidiary of China Technology. In addition, China
Technology and Sinofield agree to restructure and increase
the share capital of Target Company. After its share capital
increase and restructuring, the shareholding interests of
China Merchants New Energy, China Technology and GCL-Poly
Investment in Target Company will be approximately 55%, 25%
and 20% respectively. The final shareholding proportion will
be stated in the equity subscription agreement, but subject
to completion of relevant due diligence process and the
issuance of an independent appraisal report. Subsequent to
the restructuring, Sinofield will file application to change
its name to "China Merchants New Energy Holdings Company
Limited".
China Merchants New Energy currently owns more than 180MW
solar power system development and operating rights. After
restructuring has been completed, Sinofield will develop,
construct and operate rooftop solar plants in China with
500MW total installed capacity targeted in the next five
years. China Merchants New Energy agrees that Sinofield shall
be the only entity to invest in rooftop solar plants in
China. All parties will jointly participate in the early
stage development of the aforementioned solar plant projects.
In particular, China Merchants New Energy and China
Technology will be responsible for raising the project
financing needed, and GCL-Poly Investment will be
responsible for providing Sinofield, after its restructuring
has been completed, with EPC and system integration services
for its solar plant projects in China. GCL-Poly Investment
will offer Sinofield the most favorable terms under similar
market conditions. A subsidiary of Sinofield which
manufactures modules will supply photovoltaic modules to
cooperative solar plant projects in China for all parties.
This company will also register jointly with GCL-Poly
Investment the trademarks of photovoltaic modules to be owned
by both parties. GCL-Poly Investment agrees to include the
photovoltaic modules produced by Sinofield into the
procurement list for its global photovoltaic system
integration, and Sinofield guarantees that the amount of
wafer from GCL-Poly Investment to be consumed by them each
year will not be less than the modules to be purchased by
GCL-Poly from Sinofield.
Meanwhile, GCL-poly Investment and China Technology agree to
jointly develop and operate solar plants in the U.S. GCL-Poly
Investment will also assist China Technology to invest in
operating or in construction stage solar plants in the
U.S.
"We are very pleased to cooperate with China Merchants Group,
a large state-owned enterprise to establish the best and the
most professional operating platform for the solar power
system business in China. Based on this agreement, GCL-Poly
will be able to further increase the market demand for its
polysilicon and wafer. Through partnership with strong
strategic partners to expand into the system integration and
PV rooftop solar power system business in Mainland China and
the U.S., we are able to maximise shareholder value. We
expect that this cooperation will bring the value of GCL-Poly
to the China and U.S. markets, which have enormous business
potential." Mr. Zhu Gongshan, Chairman of the Board of
Directors of GCL-Poly, commented on the agreement.
About GCL-Poly Energy Holdings Limited (stock code: 3800.HK)
GCL-Poly Energy Holdings Limited is the world's leading
polysilicon producer, the global largest wafer supplier and a
top green energy enterprise in China. The product quality of
the Group's polysilicon has reached electronic grade level
since 2010, and the Group will ramp up the annual production
capacity to 65,000 MT by mid-2012 or before. The Group's
wafer production capacity achieved 6.5 GW at the end of July
2011. In addition to the 16 MW solar farms in operation in
the U.S., the Group owns a 20 MW solar farm in Xuzhou,
Jiangsu province, and a 10MW solar farm in Sangri County, the
Tibet Autonomous Region, respectively. Moreover, the Group
formally entered into the solar system integration business
in Oct 2011, devoting itself to providing solar farm
investors with a one-stop solar system solution: from project
development, engineering, procurement, construction,
financing to operation and management.
For more information about GCL-Poly, please visit the
company's website at
www.gcl-poly.com.hk.
Mr. Chau Tien Hsiang | Tel: (852) 3761 3130 | Email: tienchau@gcl-power.com.hk |
Mr. Joseph Chow | Tel: (852) 3761 3168 | Email: josephchow@gcl-power.com.hk |
Mr. Wang Manjian | Tel: (852) 3761 3239 | Email: wangmanjian@gcl-power.com.hk |
Ms. Jessy Fang | Tel: (852) 3761 3281 | Email: jessyfang@gcl-power.com.hk |
Mr. Hon Fung | Tel: (852) 6335 5933 | Email: hf@wsfg.hk |
Ms. Echo Hu | Tel: (852) 6432 8312 | Email: echohu@wsfg.hk |
Ms. Jessie Bok | Tel: (852) 9198 1745 | Email: jessiebok@wsfg.hk |
distribué par | Ce noodl a été diffusé par GCL-Poly Energy Holdings Ltd. et initialement mise en ligne sur le site http://www.gcl-poly.com.hk. La version originale est disponible ici. Ce noodl a été distribué par noodls dans son format d'origine et sans modification sur 2012-01-16 11:28:28 AM et restera accessible depuis ce lien permanent. Cette annonce est protégée par les règles du droit d'auteur et toute autre loi applicable, et son propriétaire est seul responsable de sa véracité et de son originalité. |
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GCL-Poly Entered into a Framework Agreement with China Merchants New Energy, China Technology and Sinofield, with a View to Establishing the Best and the Most Professional Rooftop Solar Power System Operating Platform |