CIC invests in GCL-Poly Energy

China's $200 billion sovereign wealth fund, China Investment Corporation CIC, will invest HK$5.5 billion $710 million for a 20% equity stake in GCL-Poly Energy Holdings.

CIC will buy 3.1 billion new shares of GCL-Poly at a price of HK$1.79 per share.

GCL-Poly will use the money for general working capital, to repay borrowings and to explore new business opportunities. GCL-Poly and CIC will also set up a joint venture to invest in and develop photovoltaic projects and other solar energy projects. The partners will initially make a nominal investment but ultimately intend to capitalise the JV with up to $500 million. GCL-Poly may use part of the...