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GCL New Energy Pursues Overseas Business Leveraging on Existing Resources and Advantages

(17 February 2016, Hong Kong) GCL New Energy Holdings Limited (“GCL New Energy” or the “Company”,Stock Code: 451.HK) is pleased to announce that its independent subsidiary purchased the entire equity interest in the Wilson Project Companies (“Wilson”) and the Jackson Project Company (“Jackson”) for a total consideration of approximately US$4.9 million. Wilson and Jackson own total eight yet to be constructed photovoltaic electrical energy utility systems (the “Projects”) totaling approximately 68.5MW AC located in North Carolina in the United States. The total amount of investment is estimated to be approximately US$110 million, and the Projects are estimated to be completed by the end of 2016.

GCL New Energy values the development potential of the United States solar market and the Projects are the first overseas investment of the Company. The Projects have entered into a 10-year power supply agreement with North Carolina Eastern Municipal Power Agency (“NCEMPA”), which secures the future sale of the electricity. NCEMPA, being rated as A- by Fitch Ratings, is one of the power supply enterprises in North Carolina, and it covers over 30 cities in the United States. North Carolina has been actively promoting the development of solar energy in recent years, and it now ranks fourth nationally for installed capacity. Furthermore, the United States is one of the well-developed solar markets worldwide. The United State Government supports for the development of solar energy by officially extending Solar Investment Tax Credit through 2020 in December 2015.

GCL New Energy actively pursues overseas investment for diversification. Leveraging on the Group’s existing resources and R&D capabilities, GCL New Energy will continue to explore business opportunities in markets offering stable returns with manageable risks.


About GCL New Energy:

GCL New Energy Holdings Limited (“GCL New Energy” or the “Company”) is a leading privately-owned solar energy farm operator in China which principally engaged in the development, construction, operation and management of solar power stations, as well as the manufacturing and selling of printed circuit boards. With is seasoned management and R&D team, GCL New Energy strives to build its solar energy business in high-growth mode through different strategies, including self-development, joint-development and acquisitions.

With the philosophy of “promoting the development of green energy through accelerating technological advance”, GCL New Energy is dedicated to maximising its shareholder value, providing safe, clean, economical, green energy for the society, with an aim to bringing green power to life.