Shanghai Electric says the Chinese governments abrupt decision to rein in solar was a significant factor in the collapse of its planned $3.64 billion acquisition of a controlling stake in the worlds biggest poly maker. Electrical equipment.
Shanghai Electric says the Chinese government’s abrupt decision to rein in solar was a significant factor in the collapse of its planned $3.64 billion acquisition of a controlling stake in the world’s biggest poly maker.
Electrical equipment manufacturer and wannabe polysilicon giant Shanghai Electric this morning revealed May’s change of solar policy in Beijing played a significant part in the collapse of its planned acquisition of a controlling stake in China’s largest poly maker.
The company’s planned CNY25 billion ($3.64 billion) purchase of a 51% stake in GCL-Poly subsidiary Jiangsu Zhongneng collapsed on Friday after both parties announced the market was not “mature enough” to complete the transaction.
The company noted the National Development and Reform Commission and National Energy Agency’s Energy Production and Consumption Revolution Strategy (2016-2030) called for non fossil fuels to generate half of China’s energy by 2030.
A subsequent announcement to the Hong Kong Stock Exchange stated trading in Shanghai Electric stock will resume tomorrow.
Post time: Nov-22-2017