United PV in US$1.5 billion credit deal for PV power plants in China

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China-based PV energy provider (PVEP) United Photovoltaics Group and major shareholder, China Merchants New Energy Group have secured RMB10 billion (US$1.53 billion) in financing from CITIC Financial Leasing Co. 

CITIC Leasing is providing lease arrangements and securitisation services to the companies for building and owning PV power plant projects over the next three years. The projects are expected to be built at multiple locations across China. 

Recently, Bloomberg reported that United PV could seek a return of a US$64.5 million deposit paid to Hareon Solar Technology for the acquisition of PV power plants totalling 930MW planned to be built by the PV module and project developer due to late completions and limited information on project development. 

United PV also announced that previous lending arrangements planned with Chinastone Capital Management Limited had not been concluded and would lapse as better financing arrangements for PV projects were available. 

The company had a total of 25 operating PV power plants at the end of the third quarter of 2015, generating a total of approximately 714,951MWh of electricity in the first nine months of the year. 

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