(26 June 2018, Hong Kong) GCL New Energy Holdings Limited (Stock code: 451.HK; “GCL New Energy” or the “Company”, together with its subsidiaries, the “Group”) announced that the solar power plants owned by GCL New Energy with an aggregate capacity of1,142MW have been successfully registered into the seventh batchof the Renewable Energy Tariff Subsidy Catalogue (the “Seventh Batch Subsidy Catalogue”), which accounts for approximately 18% of the total capacity of the Company’s solar power plants as of the end of 2017, according to the registration results for the Seventh Batch Subsidy Catalogue jointly made bythe Ministry of Finance (the “MOF”), National Development and Reform Commission (the "NDRC") andNational Energy Administration (the “NEA”) released on 11 June 2018. The Seventh Batch Subsidy Catalogue targets the solar power plants completed in 2015 and before and connected to the grid prior to March 2016.
Following the announcement of the Seventh Batch Subsidy Catalogue, the total capacity of GCL New Energy’ssolar power plants registered into the national subsidy catalogue has reached 1,773MW, among which, 441MW were registered into the fourth to sixth batch subsidy catalogue and 190MW were registered into thesolar poverty alleviation project subsidy catalogue. As of 31 May, GCL New Energy’s accrued and unpaid renewable energy tariff subsidy receivable under the Seventh Batch Subsidy Catalogue amounted to approximately RMB2.27 billion. With the successful registration of such solar power plants into the Seventh Batch Subsidy Catalogue and settlements of the related receivables, the liquidity of GCL New Energy will be significantly improved.
The NDRC, MOF and NEA issued the Notice on Photovoltaic Power Generation for 2018 on 1 June, encouraging the development of solar power plants to reach grid parity and exercising stringent control over the additional solar power generation capacity that needs national subsidies. It is expected that the policy will help mitigate the pressure on the financial subsidies and create conditions for resolving the long-standing problem of photovoltaic subsidies.
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About GCL New Energy Holdings Limited (Stock Code: 451.HK)
GCL New Energy Holdings Ltd is a world leading new energy company. Its primary business is in solar power generation, covering development, construction and operation. The business philosophy of the company is led by technology, finance for synergy and operation with productivity’. It focuses on both centralized and distributed PV power stations, to provide sustainable Green Energy that is clean, safe and efficient. With its seasoned management and R&D teams, GCL New Energy strives to build its solar energy business in a high-growth mode through different strategies, including self-development, joint-development and acquisitions.
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