United PV sells USD 15m of notes to Fosun for 20-MW buy

United Photovoltaics Group Ltd (HKG:0686) said Tuesday it has sold USD 15 million (EUR 13.4m) worth of convertible notes to a unit of major Chinese conglomerate Fosun International Ltd to help fund the acquisition of 20 MW of solar assets.

Hong Kong-based United PV, part of investor and plant operator China Merchants New Energy Group (CMNE), issued the three-year bonds to Peak Reinsurance Co Ltd on June 23. The notes have an annual interest rate of 7.5% and will be convertible into roughly 112.9 million shares at an initial price of HKD 1.03 (USD 0.13/EUR 0.12), equal to 2.33% of United PV’s enlarged share capital.

The group, which develops and operates solar plants, intends to use the net proceeds of the bond sale to finance the purchase of a certain entity that owns roughly 20 MW of Chinese solar capacity. The targeted ground-mounted photovoltaic (PV) park is located in Xinjiang Uygur autonomous region’s county of Minfeng.

(USD 1.0 = EUR 0.892)

(HKD 1.0 = USD 0.129/EUR 0.115)

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