Apr 01, 2021 11:08 AM (GMT+8) · EqualOcean
On April 1, poly GCL and GCL new energy jointly announced that two indirect subsidiaries of GCL new energy, Henan GCL new energy and Suzhou GCL new energy, signed the first batch of share purchase agreements for photovoltaic power stations with Three Gorges Asset Management Co., Ltd., and sold six photovoltaic power stations with a total of about 321 MW. The deal will generate about 930 million yuan of cash flow for GCL new energy to repay its debt. At the same time, after the completion of the transaction, as the profits, losses and assets and liabilities of the sold photovoltaic power plants will no longer be included in the comprehensive financial statements, the liabilities of GCL new energy will decrease by about 1.29 billion yuan, and the asset liability ratio will decrease by about 1%, further effectively reducing the financial risk.

This text is a result of machine translation.