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Hong Kong : GCL POLY bags credit line

September 1, 2014

GCL Poly has announced that it has received two new credit lines worth a combine US$490 million. Downstream subsidiary GCL New Energy had bagged a 95% interest in a project in Jiangsu Province. Both facilities have a term of three-year.

The bank is not disclosed in the filing to the Hong Kong stock Exchange specifying the new finance. It does say that it is the same institute that offered credit lines to the company in 2011 and 2013, suggesting that the lender is the China Development Bank.

According to the firm, the first US$240 million credit line would be used to fund one of the subsidiaries of the company .

GCL New Energy, the renewable energy investor had obtained a 95.02% stake in Jinhu Zhenghui PV for RMB160.6 million (US$26.1 million).

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Source: TendersInfo (India)

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