Kong Sun inks USD-739m solar finance deal with Kangfu Leasing

Hong Kong-based investor Kong Sun Holdings Ltd (HKG:0295) said Thursday it has signed a deal for up to CNY 5 billion (USD 739m/EUR 666m) in financing from China Kangfu International Leasing Co Ltd.

The company will use the funds to support the development and acquisition of photovoltaic (PV) assets over the next two years, according to the statement. It entered into the strategic co-operation agreement with its new principal financing partner on November 3.

The scope of the deal includes the provision of general financial services, and project-specific credit facilities. The finance leasing services provider will also have the option to identity and introduce potential acquisition targets to Kong Sun.

Kong Sun’s shares have been suspended from trading since April 1, 2016. The company is currently reviewing the draft internal control review report it had requested and expects to publish its full-year 2015 and first-half 2016 financial results by the end of November.

(CNY 1.0 = USD 0.148/EUR 0.133)

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