United PV may continue solar shopping spree in Europe, US - report

After unveiling over 1 GW of planned solar asset acquisitions in China last week, United Photovoltaics Group Ltd (HKG:0686) also mulls purchasing plants in Europe and the US, Bloomberg said Friday.

The Hong Kong-based solar park operator also has plans to start installing its own photovoltaic (PV) capacity at end-2015, CEO Alan Li was quoted as saying by the news agency on Thursday. This reflects the company’s strategy to build some 30% of its future solar parks.

Li did not give details about any targeted assets in Europe and the US.

The firm, part of investor and plant operator China Merchants New Energy Group (CMNE), will spend approximately CNY 9 billion (USD 1.45bn/EUR 1.3bn) to buy more than 1 GW of solar schemes in 2015 alone. This includes the recently announced acquisition of the owners of 930 MW of solar capacity in China from domestic sector player Hareon Solar Technology Co Ltd (SHA:600401) and 210 MW more from Zhongneng Guodian Photovoltaic Green Ecological Cooperation and Development Jiangsu Co Ltd.

In comparison, United PV purchased six solar farms with a combined capacity of 310 MW in 2014 and reached 572 MW in total. To fund this large-scale capacity expansion, the company just recently unveiled three convertible bond issues of USD 100 million (EUR 89.7m) each.

(CNY 1.0 = USD 0.161/EUR 0.145)

(USD 1.0 = EUR 0.897)

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