Shanghai Aerospace selling 50 MW solar farm in Shanxi

Chinese solar products maker Shanghai Aerospace Automobile Electromechanical Co Ltd (SHA:600151) plans to sell its entire stake in the owner of a 50-MW photovoltaic (PV) plant in Shanxi province through a public bidding process.

The company makes solar ingots, wafers, cells, modules and systems, along with automobile parts and composite materials. It explained that the disposal would enhance the effectiveness of its operations in the solar segment. The transaction is expected to yield a pre-tax investment gain of approximately CNY 17.5 million (USD 2.7m/EUR 2.4m).

The purchase consideration for the solar farm will not be lower than the value of the net assets of the target company, which is estimated at CNY 117 million. Its registered capital currently amounts to CNY 99.5 million.

The solar farm is located in Xinzhou city’s district of Xinfu, Shanghai Aerospace said in a statement on Friday. The project was given the green light by the Shanxi Province Development and Reform Commission in September 2014 and the completed power plant was hooked to the grid in June 2015.

(CNY 1.0 = USD 0.156/EUR 0.135)

Choose your newsletter by Renewables Now. Join for free!