United PV to acquire 300MW solar PV projects in China

United Photovoltaic Group (United PV) has signed a framework agreement with Yingli Energy (China), a subsidiary of Yingli Green Energy Holding, to acquire solar PV plants to be developed and built in China.

As per the deal, United PV will acquire around 300MW large-scale solar energy systems, in between 2014 and 2016, to be constructed at Hebei, Guangxi, Shanxi and Shandong provinces.

The wholly-owned project companies of Yingli China will own 100% equity in the power plants, and will also engage in the development, construction, and operation of the projects.|

To meet certain criterions addressed in the agreement, United PV will acquire the project companies from Yingli China after the grid-connection.

United PV chief financial officer Hong LI said the company is looking forward to further cooperative opportunities in PV across the globe.

"The collaboration with Yingli Green Energy will benefit both of our companies as we work to expand China’s installed solar capacity through large-scale PV projects and create the leading operation platform for solar PV plants in China," LI added.

Yingli Green Energy chief financial officer Yiyu Wang said that United PV has attracted significant public attention and recognition because of its success in China’s downstream solar industry.

"United PV’s deep experience in the acquisition and operation of solar PV plants complements Yingli’s leading position in PV module manufacturing, system design, and construction," Wang added.