GCL Solar Energy Withdraws IPO

By JAY MILLER
GCL Solar Energy Technology Holdings Inc. withdrew its filing for an initial public offering as a result of unfavorable market conditions.
The company, founded in 2006 as GCL Silicon Technology Holdings Inc., filed for the IPO nearly a year ago when soaring oil prices had investors throwing money at alternative-energy companies. The withdrawal highlights the difficulties the solar sector now faces since conventional fuels have fallen from their historic peaks.
GCL had already cut the size of the IPO in October to $600 million from $862.5 million American depositary shares.
The company had planned to use proceeds from the offering to make a $150 million contribution to its Jiangsu Zhongneng Polysilicon Technology Development Co. unit as well as to redeem $20 million in bonds and fund acquisitions.
Morgan Stanley, Credit Suisse, HSBC, Cowen & Co. and Piper Jaffray had been slated to underwrite the offering.
Write to Jay Miller at Jay.Miller@dowjones.com