Huaneng terminates acquisition of GCL New Energy

Huaneng terminates acquisition of GCL New Energy

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China Huaneng Group Hong Kong Co., Ltd has pulled back on plans to acquire GCL New Energy.

GCL New Energy subsidiary Jietai Global Co., Ltd. had originally entered into a cooperation agreementwith China Huaneng Group Hong Kong Co., Ltd., a subsidiary of China Huaneng Group, for the possible sale of all 9.727 billion shares of common stock in GCL New Energy's share capital, however due to the two parties’ inability to reach a formal agreement after multiple rounds of negotiations, Huaneng Group has decided to back out of the deal. (Finance Sina)

GCL New Energy is the world's second largest PV investment company after SPIC. By the end of 2018, GCL New Energy held 211 PV power stations around the world, with a total installed capacity of about 7,309MW, including 6,961MW in China.