Saturday, March 29, 2014

United Photovoltaics Group finalizes deals for 295 MW of new PV

United Photovoltaics (United PV), a Chinese solar project developer and producer of polysilicon formerly known as Goldpoly, has this week wrapped up the acquisition of a number of PV projects in China with the combined capacity of 295 MW.

Following a preliminary agreement first struck last August, United PV today formalized an agreement to acquire 86.79% of a 50 MW PV plant from investment firm Guodin Inner Mongolia New Energy Investment Ltd, GD Solar Co Ltd., Poly solar Technologies Co Ltd., and Forty-eighth Research Institute of China Electronics Technology Group Corp.

Additionally, a further 145 MW of PV capacity has been sold to United PV by GD Solar. These projects are currently under development in the northern Chinese Autonomous Region of Inner Mongolia.

In a separate announcement issued today, United PV confirmed that it has finalized the deal to purchase 100 MW solar power plants from China Singyes Solar Technologies Holdings Limited (Singyes). These plants are located in China's Hunan Province, with United PV taking on the entire equity interest of the projects, which range from rooftop installations to large-scale ground-mount arrays.

United PV also announced today the resignation, with immediate effect, of the company’s honorary chairman, Hung Chao Hong, as well as the signing of a framework agreement to jointly acquire 500 MW of PV power projects across Northern China with Kunlun Trust Co. Ltd. – an investment firm that is a subsidiary of the country’s largest oil and gas supplier, CNPC.

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