Taiping Financial to invest HKD 8 billion in GCL New Energy

photonJanuary 24, 2018202

GCL New Energy Holdings Ltd. (GNE) announced a cooperation framework agreement to establish an investment fund with Chinese Taiping Financial Holdings Company Ltd. Taiping Financial Holdings will lead the fund with a size of HKD 8.00 billion (USD 1.02 billion), for the purpose of investing in GNE by way of subscription of new GNE shares and convertible bonds. The number of new shares to be subscribed will represent less than 30 percent of the issued share capital of GNE as enlarged by the subscription shares.

Taiping Financial Holdings is part of China Taiping Insurance Group Ltd., a Chinese state-owned financial and insurance group whose management headquarters is located in Hong Kong. GCL New Energy is engaged in the development, construction, operation and maintenance of photovoltaic plants and is controlled by solar company GCL-Poly Energy Holdings Ltd.

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