cic-invests-in-gclpoly-energy

CIC invests in GCL-Poly Energy

CIC will pay $710 million for a 20% stake in Hong Kong-listed polysilicon supplier and power producer GCL-Poly, following an investment earlier this month in another power company AES.

China's $200 billion sovereign wealth fund, China Investment Corporation CIC, will invest HK$5.5 billion $710 million for a 20% equity stake in GCL-Poly Energy Holdings.

CIC will buy 3.1 billion new shares of GCL-Poly at a price of HK$1.79 per share.

GCL-Poly will use the money for general working capital, to repay borrowings and to explore new business opportunities. GCL-Poly and CIC will also set up a joint venture to invest in and develop photovoltaic projects and other solar energy projects. The partners will initially make a nominal investment but ultimately intend to capitalise the JV with up to $500 million. GCL-Poly may use part of the...

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