United PV prepares for PV buys with new USD-100m bond sale
Solar modules in China. Featured Image: zhu difeng/Shutterstock.com
United Photovoltaics Group Ltd (HKG:0686) said Thursday it plans to issue USD 100 million (EUR 87.6m) of convertible notes to raise funds for solar acquisitions in China.
Hong Kong-based United PV, part of investor and plant operator China Merchants New Energy Group (CMNE), signed on May 14 a non-legally binding term sheet with Shenzhen China Merchants Yinke Investment Management Ltd, or CM Yinke, which will subscribe for the bonds. The group, which develops and operates solar plants, did not give details about the targeted assets.
The three-year bonds have an annual interest rate of 6.75%. They will be convertible into shares at roughly HKD 1.48 (USD 0.19/EUR 0.17) apiece.
The transaction is subject to several customary conditions, including the signing of a definitive agreement after conducting a due diligence report and obtaining all relevant approvals, United PV said. A week ago, the firm unveiled another USD-50-million note sale plan.
In a separate statement on May 14, the company announced that it intends to acquire the owners of 930 MW of solar capacity in China from domestic sector player Hareon Solar Technology Co Ltd (SHA:600401), after agreeing to take over 210 MW more a few days before.