Goldpoly teams up with Kunlun for joint acquisition of 500MW solar power plants

By VCPOST Staff Reporter

Nov 13, 2013 03:46 AM EST

Goldpoly New Energy Holdings Limited and Kunlun Trust Co., Ltd. announced that it entered into a framework agreement to jointly acquire solar power plants with a combined capacity of 500W. This was according to a report published by The Jakarta Post.

Under the terms of the agreement, Goldpoly and Kunlun Trust will jointly invest and acquire the solar plants located in Gansu, Xinjiang, and Inner Mongolia. The joint investment and acquisition will run from 2013 to 2015. The agreement would be subject to conditions and approval by relevant authorities, the report explained.

Upon completion of the said transaction, Goldpoly will own 60% equity interest in the on-grid solar power projects. Kunlun Trust will own the remaining 40% of the solar project, the report said.

Kunlun Trust is a subsidiary of China National Petroleum Corporation. The trust and investment company specializes in investment, financing, and other financial services. The firm's total assets under management amount to RMB210 billion, The Jakarta Post reported.

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