Goldpoly agrees buy of 195 MW of China solar assets

Dec 23, 2013 - Hong Kong-based solar cell maker Goldpoly New Energy (HKG:0686) said on Friday it had agreed to buy majority stakes in 195 MW of solar projects in Inner Mongolia for CNY 304.6 million (USD 50m/EUR 37m).

The buyer, through its unit United Photovoltaics, will acquire between 55% and 90% in four solar schemes from Forty-Eighth Research Institute of China Electronics Technology Group and Guodian Inner Mongolia New Energy Investment Ltd.

The target projects include two schemes of 40 MW each, a 50-MW project and another one of 65 MW. Goldpoly will own 89.7%, 90.3%, 86.8% and 55%, respectively, following the completion of deal. The facilities are currently being built by Chinese solar developer GD Solar Co Ltd. They are expected to start generating electricity and be connected to the grid by the end of this year.

The purchase is in line with Goldpoly’s plans to acquire upon completion 400 MW of solar parks from GD Solar. The latter has been authorised by Forty-Eighth Research Institute and Guodian Inner Mongolia to carry out the sale of the majority interests in the four projects described above.

(CNY 1.0 = USD 0.165/EUR 0.120)

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