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GCL-Poly, CIC to tap solar energy sector

Dec. 17, 2009 (China Knowledge) - Hong Kong’s integrated energy company, GCL-Poly Energy Holdings Limited<3800> plans to set up a joint venture with China Investment Corp, the sovereign wealth fund, to focus on investment in the overseas solar energy sector, according to Samuel Tong, CFO of the Hong Kong-listed company.

The JV, with a registered capital of US$500 million at the beginning, will mainly invest in solar power generation stations overseas. The two sides are doing due diligence on some proposals from the U.S and Europe in anticipation that the first deal to be concluded in 2010, said Tong.

Reported, GCL-Poly, the largest polysilicon producer in China, will hold a 51% stake in the JV.

Last month, CIC announced that it would spend HK$5.5 billion to buy a 20% stake in GCL-Poly Energy.

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