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GCL-Poly to end its venture with CIC on solar farm
By Richard Fu |
November 30, 2010, Tuesday
|
Online Edition
Online Edition
SOLAR-CELL parts maker GCL-Poly Energy Holdings Ltd and China Investment Corp have agreed to terminate a joint venture for solar farm projects.
Still, GCL-Poly said it relation with CIC is "stable and close." CIC, the nation's sovereign wealth fund, owns a 20 percent stake in GCL-Poly.
The two companies agreed to form the US$500 million joint venture to invest in solar power generation stations late last year. CGL-Poly Chairman Zhu Gongshan had expected a return of at least 12 percent on the investment of the joint venture.
CIC's consideration is "based on a strategic point that they are a long term financial investor and do not want to be involved in the specific operations and management of the company," GCL-Poly said today.
Hong Kong-listed GCL-Poly, which competes with German chemicals group Wacker Chemie AG, is China's largest manufacturer of polysilicon and wafers used to make photovoltaic modules.
GCL-Poly also builds solar farms and this month formed a joint venture with SolarReserve, a California solar project developer, to build solar farms in the United States, a market dominated by European and US companies. US bank Wells Fargo also earlier this month agreed to fund over US$100 million in US solar projects developed by GCL-Poly.
Still, GCL-Poly said it relation with CIC is "stable and close." CIC, the nation's sovereign wealth fund, owns a 20 percent stake in GCL-Poly.
The two companies agreed to form the US$500 million joint venture to invest in solar power generation stations late last year. CGL-Poly Chairman Zhu Gongshan had expected a return of at least 12 percent on the investment of the joint venture.
CIC's consideration is "based on a strategic point that they are a long term financial investor and do not want to be involved in the specific operations and management of the company," GCL-Poly said today.
Hong Kong-listed GCL-Poly, which competes with German chemicals group Wacker Chemie AG, is China's largest manufacturer of polysilicon and wafers used to make photovoltaic modules.
GCL-Poly also builds solar farms and this month formed a joint venture with SolarReserve, a California solar project developer, to build solar farms in the United States, a market dominated by European and US companies. US bank Wells Fargo also earlier this month agreed to fund over US$100 million in US solar projects developed by GCL-Poly.
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