Oct 7, 2014 - Hong Kong-based power producer Jun Yang Solar Power Investments Ltd (HKG:0397) today announced a plan to grow its solar business overseas, with a focus on the US market.
Alongside an entity owned by its executive director and chief executive, Jiang You, the company plans to build a platform for the expansion and development of solar activities in international markets. The CEO has extensive experiences in the solar industry, the firm mentioned.
For the purpose, Jun Yang will sell to its head a 9.9% stake in newly-formed firm Pictures Global Holdings Ltd, which is incorporated in the British Virgin Islands. Jiang You’s Thinker Global Investments Ltd will pay USD 1.2 million (EUR 953,000) for the minority stake. The transaction is expected to be wrapped up on October 10, 2014.
US-focused Pictures Global will be engaged in building, operating and maintaining solar plants abroad. The company, with a current paid up capital of USD 12 million, has not yet initiated any business activities, Jun Yang noted.
The overseas expansion will allow the company to diversify its income stream, it noted.