Goldpoly buys stake in 195MW of Chinese PV plants

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PV manufacturer Goldpoly New Energy Holdings has signed a framework agreement to acquire an 80% stake in 195MW of PV plants in China.

The deal represents the first phase in acquiring a total of 400MW of solar farms after an agreement was signed in August between Goldpoly and member companies of the Photovoltaic Green Ecology Cooperative Organization (PGO), a strategic alliance between several large companies in the Chinese PV industry.

Goldpoly has entered the framework agreement with GD Solar, Guodian Inner Mongolia New Energy and Forty-eighth Research Institute. As the facilitater of the deal as well as EPC contractor, GD Solar will be paid a deposit of HK$100 million (US$12.9 million) by Goldpoly. Guodian Inner Mongolia New Energy owns 90MW of the total to be sold, namely the 40MW Guodian Wulatehouqi project and the 50MW Chahar Youyi Qianqi project. Forty-eighth Research Institute is the current owner of the 65MW Guodian Nailuntumotezuoqi project and the 40MW Guodian Tuoketuo County project.

The projects purchased by Goldpoly are all expected to come online by 31 December this year. All are expected to fulfil conditions for grid connection. This is the latest in a series of acquisitions of large scale PV plants for Goldpoly, with the company adding 500MW to its portfolio in China earlier this month.

Alan Li, executive director and chief executive officer of Goldpoly said: “The establishment of PGO this August enabled Goldpoly to develop photovoltaic power plants in a close collaboration with China’s leading photovoltaic enterprises. The long-term strategic partnership between upstream and downstream enterprises allows all parties not only to bring their advantages into full play so as to ensure grid-connection and improve operating efficiency and stability, but also to effectuate the healthy development of the PV industry for a win-win result.”

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