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Goldpoly New Energy Holdings enters agreement to purchase equity stake in solar farm projects

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November 28
5:29 AM 2013

Goldpoly New Energy Holdings Limited said it inked a framework agreement for the acquisition of at least 80% in equity interest in the first batch of solar farm projects of GD Solar Co Ltd, GUODIAN Inner Mongolia New Energy Investment Ltd and Forty-Eighth Research Institute of China Electronics Technology Group Corp. Goldpoly New Energy is a China-based photovoltaic solar farm operator. The price tag for the deal is HKD 100 million or USD 12.9 million.

The projects will have an aggregate annual electricity generation capacity of 195 megawatts. In a statement, the Chinese renewable energy firm said 40 megawatts will come from the Guodian Wulatehouqi project and 50 megawatts will be generated by Chahaeryouyiqianqi project. GUODIAN Inner Mongolia New Energy owns both projects.Meanwhile, 65 megawatts will be generated by the Guodian Nailuntumotezuoqi project and another 40 megawatts will come from Guodian Tuoketuo County project. Forty-Eighth Research Institute owns both farms. Electricity is set to be generated by the farms by December 31 this year, the company said.

Goldpoly Executive Director or Chief Executive Officer Alan Li said, "The establishment of PGO this August enabled Goldpoly to develop photovoltaic power plants in a close collaboration with China's leading photovoltaic enterprises. The long-term strategic partnership between upstream and downstream enterprises allows all parties not only to bring their advantages into full play so as to ensure grid-connection and improve operating efficiency and stability, but also to effectuate the healthy development of PV industry for a win-win result."

Li added that his firm will use the advantages it holds in financing and plant operations to buy premium solar plans, exercise flexible strategic plans and proceed with large-scale mergers and acquisitions as well as projects development. Li also said that China has given great support to the country's photovoltaic industry in terms of feed-in tariff, VAT rebate and fund raising.

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