Goldpoly to acquire solar power plants in China

Goldpoly New Energy, a China-based operator of solar power plants, has signed a framework agreement with GD Solar to purchase its subsidiary that operates solar power plants totaling 400MW at Jinchang of Gansu Province.

These power plants of said capacity are currently connected to the grid with an on-grid electricity price of RMB1 per kWh.

The transaction agreement signed is said to be conditional upon fulfilment of certain conditions such as receiving approval from relevant authorities and receiving all approvals for access system connections.

The conditions also include possessing technical conditions to connect to grids and fulfiling related legal and financial requirements.

Under the terms of the agreement, GD Solar has provided warranty for the quality of the design, equipment, construction, installation, debugging and operation of the target projects.

GD Soalr has also agreed to provide guarantee for the electricity volume generated by the target solar power projects.

GD Soalr general manager XU Zhong said the company has been providing engineering, procurement and construction services since its set up.

" On the other hand, Goldpoly has demonstrated solid track records in the investment and operation of solar power plants. With our joint efforts, we are able to enhance the investment return efficiency and usher in the landmark cooperation model in the photovoltaic industry," added Zhong.

Goldpoly chairman and CEO Alan LI said the company is glad to start 2014 with building and large power plants that help it extend the operation cycle to the first half of the year.

"Members of Photovoltaic Green Ecosystem Organisation ("PGO"), will once again cooperate with each other on solar power plant projects," LI added.
"We are fully confident of the long term stable operation of power plants due to GD Solar’s successful experience in solar power plant construction and its excellent team execution.

"Looking ahead, we will continue to partner up with PGO members and qualified institutions at home and abroad, to drive forward our goal of building the most efficient and professional platform for opening solar power plants in China."

Press Release:
http://goldpoly.todayir.com/attachment/2014012115155417_en.pdf