UPDATE - China WindPower to sell 100 MW of solar parks to GCL New

Dec 4, 2014 - China WindPower Group (HKG:0182) said Wednesday it has agreed to sell its unit Delingha Century Concord Photovoltaic Power to GCL New Energy Holdings Ltd (HKG:0451) for CNY 229.4 million (USD 37.3m/EUR 30.3m).

The subsidiary owns and operates a 70-MW solar plant in Qinghai province’s city of Delingha, GCL New Energy said in a separate statement. It also controls a 60% stake in Hainanzhou Shineng Photovoltaic Power Co Ltd -- the operator of a 30-MW solar park in Gonghe county. Delingha Century Concord is planned to acquire the remaining 40% for as much as CNY 36 million.

Under a disposal agreement with Suzhou GCL New Energy Investment Co Ltd, the latter will purchase 100% of Delingha Century Concord. The acquisition is currently subject to approvals from the shareholders of all companies involved.

China WindPower makes tower tube equipment, operates and maintains wind power plants and invests in wind and solar projects. It explained that the transaction is in line with its “build and sell” strategy for the downstream PV segment.

GCL New Energy, part of Hong Kong-based solar company GCL-Poly Energy Holdings Ltd (HKG:3800), makes printed circuit boards and is now expanding into the downstream renewable energy field, with a focus on solar power projects. Suzhou GCL New Energy, on its part, provides investment, management and consulting services for solar power plants.

(CNY 1.0 = USD 0.162/EUR 0.132)

Choose your newsletter by Renewables Now. Join for free!