Renewable Energy giant Go Solar Mining announced its plans to consolidate all its operations in a newly incorporated entity to be based in Hong Kong under the name Petros Global Solutions Corp.
When asked about the need to consolidate, Bergsweinn Logi, Chairman and CEO of GoSolar Mining mentioned, “Go Solar Mining is currently operating in a decentralized system. We have standalone financials in each country and the Holding Company in Gibraltar acts as a standalone company. In the current set-up, each geography declares dividends to the Hold Co. This is seen as the main revenue on the Go Solar Mining Hold Co.
which is unremarkable versus evaluating the businesses in a consolidated basis. The standalone Holdco’s financials which is sent to regulators for concession bids is not too attractive and our financial capacity is questioned. On a financial standpoint, the consolidation will gain us advantage in concession opportunities especially for new countries we plan to expand to.
Apart from the accounting, another reason why the company chose Hong Kong is to have an opening in the Asian market. When asked about the expansion in China, the CEO mentioned GoSolar Mining’s plans to create a wider footprint in China and the Asian markets, since it believes global growth would mainly be driven in the East.
The consolidation of Go Solar Mining’s businesses which brings with it five solar power plants located in UAE, Morocco, China, India and Mexico, is expected to grow to seven solar power plants by 2020. The consolidation in Hong Kong will also further enhance the innovation capability of the total organization and reinforce our thrust on renewable energy given the current environmental issues faced globally.
Go Solar Mining will continue BAU post-closing of the deal with no loss of management or employed positions. Its expansion plants to increase production capacity and entry new markets are still on-going.
Category: Bitcoin - Cryptocurrency and FinTechCompany about: Go Solar Mining has been operating as a Renewable Energy company incorporated in Gibraltar for more than 10 years. The company currently operates five solar power plants located in UAE, Morocco, China, India and Mexico. Taking the crypto industry by storm, the company boasts in sourcing all its crypto mining operations through its sola power plants. Making their mining of cryptocurrency environment-friendly and less costly than the average miner who sources its electricity from the grid. Aside ...