Over the past five years, GCL New Energy has been repaying its previous debt of up to 40 billion yuan by selling photovoltaic power plant assets. Now, with the power of granular silicon, Xiexin Technology finally has the ability to catch this former great hero.
On October 12, Xiexin New Energy announced that it intends to integrate all the shares of 36 target companies/target companies held by 13 subsidiaries, totaling 583.87 MW " The transaction will be conducted in two batches. The aggregate appraised value of the entire shareholders' equity of the 36 Target Companies is RMB1,182,334,300, and the actual consideration for the transfer is RMB100,440 . The Transaction will bring 16 to GCL New Energy.
The large-scale sale of power plants by Xiexin New Energy can be traced back to 2018.
In the interim results announced this year, Xiexin New Energy disclosed that during the reporting period, the company realized a profit of 3.624 million yuan from the sale of photovoltaic power plant projects, a decrease of 797 compared with 32.531 million yuan in the same period last year. The company's interest-bearing debt also decreased from 5.54 billion on June 30 last year to 38 in the current period.
In the eyes of the outside world, GCL New Energy, the former king of private power plants, has taken a step of constantly moving assets to repay debts. In 2018, Xiexin New Energy topped the throne of private photovoltaic power generation with 8GW photovoltaic installed capacity, and the scale of its photovoltaic power plants at its peak was second only to that of the State Power Investment Corporation.
However, all this came to an abrupt end on May 31, 2018, when the National Development and Reform Commission, the Ministry of Finance and the State Energy Administration jointly issued the Notice on Matters Relating to Photovoltaic Power Generation in 2018, which was called the 531 New Photovoltaic Deal in the industry. And greatly reduce the electricity subsidy of photovoltaic power plants. As soon as the
document came out, GCL New Energy was the first to bear the brunt of the bearing liabilities up to 406.
crazy borrowing expansion first raised the company's debt ratio to 84.52% in 2016, but also brought good returns. GCL New Energy's photovoltaic power plant business achieved net profit 9.
If the situation continues to be good, GCL New Energy may become the king of private power plants and gradually reduce its debt ratio, leading to healthy development. However, there is no "if" in history. Although the introduction of the
531 New Deal does not affect the profitability of GCL New Energy's power stations, the substantial reduction in subsidies has directly lengthened the cycle of the power station's withdrawal of funds. If there is no effective method, GCL New Energy will be directly crushed by more than 40 billion interest-bearing liabilities.
In 2019, Xiexin New Energy began not to emphasize the light assets business strategy, and embarked on the road of continuously selling power plants. According to industry media, in 2021 alone, the company sold more than 20 billion yuan of photovoltaic power plant assets, including the State Power Investment Corporation, the Three Gorges Energy Corporation and the State Energy Corporation.
Selling assets can certainly withdraw funds in a short time and ease the pressure of short-term debt, but at a certain level, the competitiveness of the company will be weakened, at the same time, it will also cause financial losses.
In the announcement of the sale of the power plant, Xiexin New Energy directly indicated that the sale would result in 6.
There is a long way to repay the debt, and two transformations have been made
since 2018, when the photovoltaic power plant business is not "fragrant". With the help of its parent company, Poly Xiexin, Xiexin New Energy has embarked on a long road of transformation. Previously, the company's main business was centralized and distributed photovoltaic power plants. Since then, the company has put forward the "photovoltaic + X" dual main business strategy . So far, this X has come to the second round. In July
2021, at the "Hydrogen Energy Industry Development Forum and Xiexin Hydrogen Energy Strategy Conference" hosted by Xiexin Group, Xiexin New Energy officially released its hydrogen energy strategy.
In the same month, Xiexin again announced that it had spent 10 billion yuan as an investment fund for the hydrogen energy industry and set up a hydrogen energy business department with Xiexin New Energy.
In the 2021 annual report, the chairman and president of GCL New Energy made it clear that the company would accelerate its journey towards "hydrogen", gradually realize the dual main business development of photovoltaic and hydrogen energy, and promote sustainable development to a new level.
However, this "hydrogen" journey has made almost no significant progress in the next two years, and there is no relevant statement on hydrogen energy in the company's semi-annual report for the first half of 2023.
Xiexin New Energy, which still retains a large number of power plant assets and gradually reduces its liabilities, will probably survive gradually under the blood transfusion of Xiexin Science and Technology.
浙公网安备33010802003254号