China-based PV manufacturer, Goldpoly New Energy, has reached an agreement with Kunlun, a subsidiary of China National Petroleum Corporation, to acquire a 500MW PV project portfolio in China.
The two companies will jointly acquire completed, on-grid projects in Xinjiang, Gansu and Inner Mongolia between now and 2015, taking a respective 60/40% equity interest in the portfolio.
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Goldpoly, a polysilicon manufacturer, has been aggressively building its downstream PV business following the acquisition of project development company China Merchants New Energy Holdings in June this year.
Since completing the deal, Goldpoly has announced a raft of acquisitions and bond issues, including two separate project deals of 300MW and 400MW respectively.
Alan Li, chief executive of Goldpoly, said: “We are so pleased that yet another large central enterprise will join our CMNE photovoltaic platform as we work together to build Goldpoly into a global new energy leading flagship firm. We will work together with major strategic partners to complete new on-grid solar power plants in the near future.
“This step will allow the company to become an attractive investment partner in the new energy sector along with major large international investment institutions and outstanding PRC investors.”
The latest acquisitions are subject to approval, completion and connection of the individual projects Goldpoly said in a statement to the Hong Kong stock exchange.