United PV scraps 64-MW solar rooftop buy from GCL-Poly
Sep 23, 2014 - Hong Kong-based solar power plants operator United Photovoltaics Group Ltd (HKG:0686) said today it has called off its deal with Hong Kong-based GCL-Poly Energy Holdings Ltd (HKG:3800) to take over rooftop projects of a combined 64-MW.
United Photovoltaics' unit China Solar Power Group (CSPG) yesterday terminated the cooperative framework agreement with GCL-Poly, signed on June 18, 2012, under which CSPG was to acquire the project companies of the rooftop solar plants. The firms did not disclose the reasons for cancelling the contract.
CSPG got back the HKD 23.3 million (USD 3m/ EUR 2.3m), which it paid to GCL-Poly in the form of early development fees.
GCL-Poly Energy makes silicon wafers and also produces power from solar and wind farms, biomass-fueled and thermal power plants. Its rooftop PV schemes could qualify for the Golden Sun Programme from 2009, under which the government provides subsidies to cover part of the project's costs only to solar installations, whose developers use the output to cover their own needs.