Kong Sun to buy 30-MW PV park from Yingli

Hong Kong-based investor Kong Sun Holdings Ltd (HKG:0295) said Monday it plans to purchase the owner of a 30-MW photovoltaic (PV) plant from a unit of Chinese solar panel maker Yingli Green Energy (NYSE:YGE).

Kong Sun Yongtai Investment has struck an acquisition agreement with Yingli Photovoltaic Power Investment Group on July 25. Under the terms of the deal, the company will take full control of the target, subject to certain customary conditions.

The CNY-238.7-million (USD 35.7m/EUR 32.6m) aggregate consideration will be settled entirely through internal resources.

Kong Sun will pay CNY 2 million in cash for the equity interest in the firm. Also as part of the deal, the purchaser will assume CNY 230.7 million in engineering, procurement and construction (EPC) liabilities of the Tieshan Project Company. In addition, it has agreed to pay Yingli Power Investment a CNY-6-million consultancy fee on behalf of the target upon completion of the transaction.

The solar park is located in Tieshan district, Huangshi city, Hubei province. It has been hooked to the grid.

(CNY 1.0 = USD 0.150/EUR 0.136)

Choose your newsletter by Renewables Now. Join for free!