Goldpoly has agreed to buy 400MW of PV projects in Ganshu province from GD Solar.
The company, which has completed a raft of solar farm acquisitions in the last few months, will pay no more than RMB4 billion (US$661 million) for the projects.
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The exact final value of the deal will depend on an agreed model based on grid electricity prices and the condition that Goldpoly achieves at least a 9% return on investment, according to a filing with the Hong Kong stock exchange.
Goldpoly claims this fee will not exceed RMB4 billion (US$661 million).
Alan Li, chairman and CEO of Goldpoly, said he was pleased the company was able to build on the momentum it had established at the end of 2013 and to continue work with a consortium of developers in China, the Photovoltaic Green Ecosystem Organization (PGO).
“We are fully confident of the long-term stable operation of power plants due to GD Solar’s successful experience in solar power plant construction and its excellent team execution,” said Li.
“Looking ahead, we will continue to partner up with PGO members and qualified institutions at home and abroad, to drive forward our goal of building the most efficient and professional platform for operating solar power plants in China,” he added.
Of the 400MW covered in the deal, 200MW has already been grid connected at a rate of RMB1/kWh (US$0.165kWh).
Goldpoly has also proposed changing its name to United Photovoltaics Group Limited.