GCL New Energy to Acquire Jackson Solar Farm in North Carolina from Hive Energy for $0.7 Million

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GCL New Energy a subsidiary of GCL New Energy Holdings Limited, has agreed to acquire the development rights for a proposed Jackson solar farm located in the state of North Carolina in the United States from LLC Mount Olive and Hive Energy for a purchase consideration of $0.72 million.

The total installed capacity of the solar farm will be 10 MW with an implied transaction deal value of $0.07 million. The consideration will be paid according to the following milestones; (a) 50% of the consideration shall be paid by the company upon the closing of the sale and purchase of the Jackson solar farm, (b) 25% of the consideration shall be paid upon the issuance of full notice to proceed to the EPC contractor, and (c) 25% of the consideration shall be paid upon the achievement of commercial operation of the project. The acquisition will support GCL New Energy’s (NC) plans to further expand its business in the United States.