Partners terminate short-lived solar JV
By Fu Chenghao |
December 1, 2010, Wednesday
|
Print Edition
Print Edition
SOLAR-CELL parts maker GCL-Poly Energy Holdings Ltd and China Investment Corp have agreed to terminate a short-lived joint venture agreement for solar farm projects.
They agreed to form the US$500 million joint venture to invest in solar power generation stations late last year. GCL-Poly Chairman Zhu Gongshan had expected a return of at least 12 percent on the investment.
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 specific operations and management of the company," GCL-Poly said yesterday.
The firm said its ties with CIC are "stable and close." CIC, the nation's sovereign wealth fund, owned 20 percent of GCL-Poly.
Hong Kong-listed GCL-Poly is China's largest maker of polysilicon and wafers used to make photovoltaic modules.
GCL-Poly last month formed a joint venture with California's SolarReserve to build solar farms in the United States. US bank Wells Fargo last month agreed to fund over US$100 million in US solar projects built by GCL-Poly.
They agreed to form the US$500 million joint venture to invest in solar power generation stations late last year. GCL-Poly Chairman Zhu Gongshan had expected a return of at least 12 percent on the investment.
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 specific operations and management of the company," GCL-Poly said yesterday.
The firm said its ties with CIC are "stable and close." CIC, the nation's sovereign wealth fund, owned 20 percent of GCL-Poly.
Hong Kong-listed GCL-Poly is China's largest maker of polysilicon and wafers used to make photovoltaic modules.
GCL-Poly last month formed a joint venture with California's SolarReserve to build solar farms in the United States. US bank Wells Fargo last month agreed to fund over US$100 million in US solar projects built by GCL-Poly.
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