China Smarter Energy to buy 19 MW of distributed PV projects

Investment holding firm China Smarter Energy Group Holdings Ltd (HKG:1004) said Wednesday it has agreed to acquire the owner of three distributed generation (DG) solar schemes with a combined capacity of 19 MW.

A unit of the company and Shanghai Hua Xing Electronic Co Ltd inked an acquisition and cooperation framework agreement on June 17. Under the terms of the deal, China Smarter Energy will pay CNY 10 million (USD 1.6m/EUR 1.4m) for the entire stake in the target.

Project company Shanghai Xin Lan Electric Co Ltd has already obtained a Development and Reform Commission nod for a 3-MW and a 5-MW solar system, which it will install on the rooftops of the vendor’s buildings in Shanghai. It also has 11 MW of DG capacity under development in Shandong province’s city of Dezhou.

Upon fulfilment of the customary conditions of the agreement, Shanghai Xin Lan will proceed with providing engineering, procurement and construction (EPC) services for all three projects. It will receive CNY 157.2 million for that job.

In February 2015, China Smarter Energy took over a 100-MW solar farm in Jinchang city, Gansu Province. It is also seeking to construct another 100-MW plant in Inner Mongolia autonomous region, it noted.

(CNY 1.0 = USD 0.161/EUR 0.142)

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