Goldpoly to acquire stake in 195MW solar power plants

United Photovoltaics (Changzhou) Investment has signed three sale and purchase agreements with Forty-eighth Research Institute of China Electronics Technology and Jiangsu Yongneng New Energy Investment to conditionally acquire equities in solar power plants totalling around 195MW for around RMB304.6m ($49.7m).

The conditions mentioned in the deal include the projects are required to grid connection and begin electricity generation by 31 December 2013.

As part of the deal, United Photovoltaics will conditionally acquire about 89.78% equity interest in the 40MW Guodian Tuoketuo County project and a 55% equity interest in the 65MW Guodian Nailuntumotezuoqi project from Forty-eighth Research Institute for around $24m.

In addition, United Photovoltaics will conditionally acquire an 86.79% equity interest in the 50MW Chahaeryouyiqianqi project and a 90.33% equity interest in the 40MW Guodian Wulatehouqi project from Guodian Inner Mongolia New Energy for about $26.2m.

Goldpoly New Energy Holdings CEO and executive director Alan Li said the company has successfully acquired the first batch of 195MW solar power plants within Photovoltaic Green Ecosystem Organization (PGO).

"With a view to boosting the sustainable healthy development of the photovoltaic industry, we will join hands with more prominent partners to promote the model adopted within PGO," Li added.

"We are committed to working in collaboration to build a promising future for the photovoltaic industry."

United Photovoltaics is an indirect wholly-owned subsidiary of Goldpoly New Energy Holdings, while Jiangsu Yongneng is a subsidiary of Guodian Inner Mongolia New Energy Investment.