GCL-Poly Unit Secures $188 Million Loan for Solar Power Projects

GCL-Poly Energy Holdings Ltd., the world’s biggest polysilicon maker, said one of its units secured a loan of as much as 1.2 billion yuan ($188 million) via Ping An Trust Co.

Nanjing GCL New Energy Development Co. plans to use the loan to invest in solar-power projects, GCL-Poly said Thursday in a statement to the Hong Kong stock exchange. Nanjing GCL will pay interest of 8.7 percent annually on the loan, with maturity of as much as three years.

Ping An Trust will raise funds for Nanjing GCL from Ping An Bank Co., SooChow Securities Co. and GCL New Energy Investment (China) Co., another unit of GCL-Poly, according to the statement.

— With assistance by Feifei Shen

Before it's here, it's on the Bloomberg Terminal. LEARN MORE