Solar farm. Author: Thomas Kohler. License: Creative Commons, Attribution-ShareAlike 2.0 Generic
Chinese firm Hareon Solar Technology Co Ltd (SHA:600401) said Wednesday it plans to start working on photovoltaic (PV) projects in Pakistan after it buys a majority stake in a sector investor.
More precisely, Hareon Solar is to acquire an 85% stake in Forshine (Hong Kong) Ltd from its two owners. The target firm will work on the Pakistani schemes. An equity transfer agreement has been signed on December 9, a statement on the Shanghai Stock Exchange shows.
Following the completion of the transaction, the vendors -- Jun Shou Hong from China and Ghulam Mohiuddin Abbasi -- will own 11.25% and 3.75% equity stakes in Forshine (Hong Kong), accordingly.
China-based Hareon Solar makes solar equipment and also develops, builds and operates PV parks worldwide. Recently the solar company announced that it will establish a new subsidiary to invest in PV schemes in Jordan.