Shunfeng PV to buy 230 MW of Hareon solar projects
Jul 8, 2013 - China’s Shunfeng Photovoltaic International Ltd (HKG:1165) said Thursday it had agreed to acquire from Hareon Solar Technology Co Ltd (SHA:600401) controlling stakes in the developers of 230 MW of local solar projects.
Under the terms of the deals, the company will buy a 90% stake in one project developer and 95% interests in another five for a total sum of CNY 9.45 million (USD 1.5m/EUR 1.2m). Shunfeng Photovoltaic will use its internal resources to fund the transactions.
All of the targeted entities have been established during either 2012 or 2013 and have no current operations.
Shunfeng PV said Thursday it would buy 95% equity interests in 499 MW of other Hareon solar projects, while Hareon Solar will own the remaining 5%. The assets include three separate solar parks under construction with a total capacity of 20 MW, to be switched on by end-2013, and 479 MW additional solar projects, which Hareon Solar will build.