Goldpoly proposes name change, continues downstream acquisition spree

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Chinese PV manufacturer Goldpoly New Energy Holdings has continued the expansion of its downstream business with the acquisition of a Zhongli Talesun subsidiary and with it 180MW worth of PV projects. The announcement comes after Goldpoly last week proposed changing its name to United Photovoltaics Group Limited.

Goldpoly and its shareholder company Renewable Energy Trade Board Corporation jointly purchased 100% equity interest in Changzhou Dinhui New Energy after entering an agreement with Zhongli Talesun. Total cash consideration of the transaction was RMB10,000,000 (US$1.65 million), with Goldpoly paying RMB4,500,000 (US$741,000) for 45% equity in Changzou Dinhui New Energy while Renewable Energy Trade Board Corporation paid RMB5,500,000 (US$905,800) for the remaining 55%. Goldpoly subsidiary China Solar Power Group signed an agreement to purchase 2GW of projects from Zhongli Talesun in early August.

Changzou Dinhui’s approximate PV generation capacity of 180MW is spread across three solar farm projects in Gonghe, Qinghai Province, China. Zhongli Talesun will provide engineering, procurement and construction (EPC) services on the plants.

Completion of the acquisition is dependent on several conditions being met including obtaining approval by relevant authorities, completion of construction of the principal parts of projects and the technical ability to grid-connect the plants.

Since Goldpoly’s June 2012 acquisition of project development company China Merchants New Energy Holdings – which itself was said to have a pipeline of 5GW up to 2016 when bought – Goldpoly has acquired several large projects in China including over 600MW acquired during November alone.

The proposed name change to United Photovoltaics Group from Goldpoly New Energy Holdings remains subject to approval by shareholders at a meeting on 8 January.

Speaking about the proposed name change, Goldpoly executive director Zhen Wei Lu, who is also director of China Merchants Capital, said: “The proposed change of company name to United Photovoltaic Group Limited is to better reflect the company’s core business, so as to endow it with a clearer positioning and image. The company is always devoted to bonding closely with conglomerates to develop the solar farm business. The new company name highlights the company’s competitive edges of strong connection with other industry leaders and prominent conglomerates, as well as its development strategy to establish a healthy photovoltaic green ecosystem.”

Lu reiterated the commitment of Goldpoly’s largest shareholder, China Merchants New Energy to the company’s activities.

On 15 December, Goldpoly also announced that China Solar Power Group had signed a completion agreement on its proposed purchase of a 50% stake in Fengxian Huize Photovoltaic Energy.

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