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Goldman Sachs Finances GCL New Energy Subsidiary with US$100 Million Convertible Bonds

Practices: Private Equity, Hedge Funds

A Ropes & Gray team led by hedge funds partner Daniel Anderson (Hong Kong) represented The Goldman Sachs Group, Inc. in its US$100 million convertible bond financing of a newly formed subsidiary of GCL New Energy Holdings Limited. GCL New Energy is listed on the Stock Exchange of Hong Kong, and primarily develops, operates and manages solar farms. The financing proceeds will be used by the issuer of the bonds to purchase and hold grid-connected solar farms in China, and provide a regular and increasing dividend yield to investors in GCL New Energy.

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