The 50MW first phase of a portfolio of Chinese large-scale PV projects due to be acquired by the increasingly active downstream player, Goldpoly, has been connected to the grid.
Engineering, procurement and construction contractor, GD Solar, completed the connection of the 50MW Guodian Chahar Youyi Qianqi project at the end of November, paving the way for the acquisition of the project by Goldpoly.
The 50MW plant is in Wulanchabu City, Inner Mongolia. Finance was provided by Guodian Inner Mongolia Power and GD Solar for the 1.46km square solar plant that will generate more than 75GWh per year, for 25 years.
It forms part of an agreement by Goldpoly to acquire an 80% stake in 195MW of projects owned by the Photovoltaic Green Ecology Cooperative Organization (PGO), a strategic alliance between several large companies in the Chinese PV industry.
These projects represent the first phase of a bigger 400MW acquisition deal signed in August between Goldpoly and PGO, which is formed of GD Solar, Guodian Inner Mongolia New Energy and Forty-eighth Research Institute.
“It is the first time for PGO members to cooperate in an all-round way across the value chain and kick-starts a joint consortium approach to effectuate photovoltaic industry consolidation” said Alan Li, CEO of Goldpoly.
“The project fully demonstrates the collaborating initiative of PGO to strive for ecologically sustainable development.”
According to a statement published yesterday by the Hong Kong Stock Exchange, Goldpoly is already in equity transfer negotiations with Guodian Inner Mongolia New Energy, which owns the Chahar Youyi Qianqi project and another 40MW project within the 195MW portfolio. It is expected to announce information on the negotiations soon.
Goldpoly, a Hong Kong-listed PV manufacturer, has been on an aggressive drive into the downstream PV sector since acquiring project developer China Merchants New Energy earlier this year.
It also recently acquired a Zhongli Talesun subsidiary and proposed a change of name to United Photovoltaics Group Limited.