GCL NEWENERGY: GCL NEWENERGY terminates EPC agreement in Africa
GCL NEWENERGY announced the termination of the EPC agreement with the contractor due to changes in the transaction plan and unmet licensing requirements in Ethiopia. According to the termination agreement, the EPC agreement is no longer legally binding, and both parties no longer have any rights or obligations, and there were no breaches or losses during the performance and termination of the agreement
According to the announcement from GCL NEWENERGY (00451), on March 13, 2025 (after trading hours), considering the changes in the transaction plan, as well as the procedures required under the EPC agreement, the licensing requirements in Ethiopia, and the construction conditions not being met, GCL NEWENERGY Africa and the contractors entered into a termination agreement. Accordingly, the parties agreed to terminate the EPC agreement and the proposed transactions under it.
According to the termination agreement, the EPC agreement will no longer be legally binding on the parties, and the parties will no longer have any rights or obligations under the EPC agreement. The parties confirm that there were no breaches, losses, or adverse effects during the performance and subsequent termination of the EPC agreement