HONG KONG (AP) -- Energy company GCL-Poly Energy Holdings said Tuesday it was buying a Chinese maker of solar-power materials for $3.7 billion.

The 26.3 billion Hong Kong dollars acquisition of Jiangsu Zhongneng Polysilicon Technology Development will be funded by issuing new shares and loans, GCL-Poly said in a statement.

GCL-Poly, whose shares are listed in Hong Kong, operates so-called cogeneration power plants in China's Jiangsu and Zhejiang provinces. The cogeneration plants produce both electricity and steam.

Jiangsu Zhongneng produces polysilicon, a key material used in solar-power equipment.

GCL-Poly shares closed up 15.2 percent at HK$2.9.