Solar park developer and operator Goldpoly New Energy Holdings is continuing its downstream acquisition spending spree with an additional 500MW of solar projects.
The deal is thought to be the first time Goldpoly has looked at PV projects outside China since it began an aggressive drive into project development last year.
In partnership with engineering company, China Triumph International Engineering Co (CTIEC), and Chinese telecommunications company, Huawei Technologies, Goldpoly aims to add a further 500MW to its pipeline portfolio.
According to an agreement between the three parties, Goldpoly is to acquire solar power plants developed and constructed by CTIEC, in China, Europe, North America and Japan. Huawei is to supply inverters and other information technology equipment for the 500MW of so-called ‘target projects’.
The 500MW pipeline is the first batch of projects between the three companies, with an estimated minimum return on investment of 9%.
The target projects will be those that are grid connected, distributed generation-type projects that have been successfully filed for record with the relevant government authorities, ground-mounted projects in China that are under development or projects outside of China that are under development.
Sean Liaw, chief investment officer at Goldpoly, Congxiao Wang, director assistant at CTIEC and Feijun Yin, general manager at Huawei’s Sales Department, all signed the agreement.
Goldpoly CEO Alan Li, and Shou Peng, general manager of CTIEC were also in attendance at the signing ceremony.
Li said: “This cooperation agreement provides strong evidence of our tight alliances with leading enterprises across the industry chain.” By the end of 2013, Goldpoly accomplished 500MW of installed solar capacity with rapid growth for 2014, including overseas solar power plant operation, said Li.
“We are determined to lay a solid foundation for building the most efficient and professional platform for operating photovoltaic power plants worldwide” said Li.
The agreement is one of many acquisitions recently from Goldpoly, last month Goldpoly also bought four solar power projects totalling 195MW, in China.
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 first part of a 400MW portfolio deal signed with Goldpoly in August is a 50MW project in Inner Mongolia that was recently grid connected.
The agreement signed is between Goldpoly and PGO, which is formed of GD Solar, Guodian Inner Mongolia New Energy and Forty-eighth Research Institute.
Goldpoly is also in discussion over a name change as it continues to snap up projects downstream.
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.