PVTIME – GCL New Energy announced that its indirect wholly-owned subsidiary Nanjing GCL New Energy will acquire a 5.835% stake of Suzhou GCL New Energy from private equity investment fund of Sumin Ruineng for RMB 1.219 billion ($0.19 billion).
Once the transaction has been completed, Suzhou GCL New Energy will become a wholly-owned subsidiary of GCL New Energy. Prior to this, with an acquisition conducted in 2019, Nanjing GCL New Energy ended up holding 94.165% of Suzhou GCL New Energy with Sumin Ruineng holding the remaining 5.835%.
Listed on the Hong Kong Exchange in 2014, GCL New Energy Holdings Limited (0451. HK) (GCL New Energy) is a new energy company under GCL Group. Its primary business is solar power generation, covering development, construction, and operations. GCL New Energy focuses on both centralized and distributed PV power plants to provide the society with sustainable green energy that is clean, safe and efficient.
With 14 domestic regional subsidiaries, GCL New Energy operates across China, moreover, it has three regional subsidiaries in North America, Japan, and Africa, and established overseas representative offices in or dispatched developers to key overseas target markets. By the end of 2018, GCL New Energy had a total installed capacity of about 7309MW, ranking second in the world. GCL New Energy deploys power plants globally, By the end of 2018, it operated 211 power plants across the world.