United Photovoltaics Group (United PV) has acquired five solar power plants with a combined capacity of 210MW from power producer Guodian, in the Inner Mongolia and Zhejiang Province, China.
The aggregate consideration for the purchase is approximately RMB190 million (US$31 million).
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After a year of strategic planning, United PV aims to purchase large-scale solar developments in 2015, with activity spreading over Northwest, Northern, Eastern and Southern China. The firm also aims to speed up the installation of its own solar plants over the year.
The acquired plants include:
In Inner Mongolia
- 30MW in Chahaeryouyiqianqi
- 60MW in in Keerqinzuoyizhongqi
- 50MW in Shangdu County
- 40MW in Linxi County
In Zhejiang Province
- 30MW in Haining City
United PV’s largest shareholder is China Merchants New Energy Group, a leading solar power plant investor and operator in China.
In related news, United PV’s subsidiary Guodian Chahaeryouyiqianqi Solar Power Company entered into a financial lease agreement with the Industrial and Commercial Bank of China Inner Mongolia, to obtain RMB400 million (US$64 million) of financing, with a floating interest rate of 8%, benchmark for long-term loan.
The proceeds will be used for expenditures in Guodian Chahaeryouyiqianqi’s EPC project costs, and the development of the 50MW solar power plant in Chahaeryouyiqianqi.