United PV gets USD 164m for 150-MW solar scheme in China
Solar modules in China. Featured Image: zhu difeng/Shutterstock.com
Dec 19, 2014 - United Photovoltaics Group Ltd (HKG:0686) said today it has secured syndicated financing of CNY 1.02 billion (USD 164m/EUR 133m) for a 150-MW solar power project in China’s Qinghai province.
The local branch of China Development Bank (CDB) has agreed to provide CNY 800 million of the funding to project owner Zhongli Talesun Gonghe New Energy Ltd, part of United PV. The long-term loan will have to be repaid within 14 years.
Meanwhile, the project company has also signed a long-term sale-leaseback deal with Beijing Culture & Technology Financial Leasing Co Ltd to secure an additional CNY 220 million in financing for its project.
Hong Kong-based United PV, part of investor and plant operator China Merchants New Energy Group (CMNE), makes polysilicon solar cells and since 2013 develops, invests in and operates solar power plants. This week alone, the company announced it has agreed to install over 1.8 GW of solar plants at home by 2017.