GCL-Poly to Buy SunEdison’s Material Business for $150 MillionBloomberg News
SunEdison filed for Chapter 11 bankruptcy protection in April
Deal to help GCL-Poly to enhance production, technology
GCL-Poly Energy Holdings Ltd., the world’s biggest maker of polysilicon for solar cells, agreed to purchase the solar-material business of bankrupt U.S. renewable-energy company SunEdison Inc. for $150 million.
The acquisition includes three SunEdison units -- SunEdison Products Singapore Pte., MEMC Pasadena Inc. and Solaicx Inc. -- as well as its stake in a Korean joint venture SMP Ltd., GCL-Poly said in a filing to the Hong Kong stock exchange on Sunday. The purchase will exclude MEMC’s manufacturing plant in Pasadena, Texas.
SunEdison filed for Chapter 11 bankruptcy protection with $16.1 billion in liabilities in April. The deal will help GCL-Poly expand its polysilicon production capacity and enhance its technology. GCL-Poly said earlier this month that it has a 30 percent share of the global polysilicon market and 40 percent for solar wafers.
GCL-Poly said $50 million of the cash consideration will be paid into escrow accounts to be refunded if certain conditions aren’t met by SunEdison.
GCL-Poly’s parent Golden Concord Holdings Ltd. is also seeking to bid for SunEdison’s controlling stake in TerraForm Power Inc., which operates solar power plants, people familiar with the development said last week.
— With assistance by Feifei Shen