Grandall and Freshfields have once again been instructed by GCL-Poly Energy, this time on its US$125m acquisition of a 70% stake in Konca Solar Cell.

Grandall performed due diligence and reviewed contracts for the client. While the legal work involved was nothing out of the ordinary, the client’s reputation in the region created more pressure. “Because our client is a listed company and a heavyweight in the renewable energy sector, negotiations with the seller had to be handled with extra caution,” said Grandall managing partner Wang Weidong.

GCL-Poly has been loyal to its long-term legal advisors: Freshfields has advised GCL-Poly three times and Grandall twice in less than a year. In December, GCL-Poly unveiled a US$709m JV backed by sovereign wealth fund China Investment Corporation, to develop photovoltaic arrays across Europe and the US. The company was advised by Freshfields and CIC was advised for the first time by Richards Butler in association with Reed Smith. GCL-Poly last year acquired Jiangsu Zhongneng for US$3.4bn and was also represented by Freshfields and Grandall Legal Group.

 Related stories:

• Freshfields and Richard Butler work on new CIC venture
• Grandall, Freshfields and Milbank advise on GCL-Poly’s US$3.4bn green acquisition