Published: 2:18pm, 21 Nov, 2017 Updated: 2:55pm, 20 Jul, 2018
Asian solar farm GCL New Energy , a unit of solar panel materials manufacturer China Taiping Insurance , saw its shares rocket after announcing that a unit of China Taiping Insurance is to purchase a major stake in the company. It is hoped this will ease GCL 's debt load. Under a non-legally binding “cooperation framework agreement”, Taiping Financial Holdings will lead an HKD8bn ($ 1bn ) fund to make the purchase. Many pension funds and private equity companies are investing in solar and wind farms because of their long-term stable cash flows, according to GCL New Energy 's head of Asian utilities, Simon Powell .