United PV walks away from 930MW power plant deal with Hareon Solar

Share on facebook
Facebook
Share on twitter
Twitter
Share on linkedin
LinkedIn
Share on reddit
Reddit
Share on email
Email
United PV said it had received an initial payment tranche of HK$150 million (US$19.2 million) with others to follow, which would conclude the deal transfer and end all claims against Hareon Solar.

China-based PV energy provider (PVEP) United Photovoltaics Group has transferred its deal with Hareon Solar to build 930MW of PV power plants to third parties in exchange for recouping its initial deposit and interest and expenses, while dropping its case in an arbitration court. 

United PV had sought updates from Hareon Solar regarding the building of the PV power plants but had claimed all efforts had failed and was forced to file for arbitration to recoup the HK$500 million (US$64 million approx) deposit plus interest. 

The PVEP noted that it had signed a deed of assignment with Global High Growth Industries Fund Series SPC acting for and on behalf of China Huacai Finance Equity Investment Fund and Hareon Solar regarding the original power plant deal and the return of the deposit. 

United PV said it had received an initial payment tranche of HK$150 million (US$19.2 million) with others to follow, which would conclude the deal and end all claims against Hareon Solar. 

Hareon Solar has yet to make a public statement over the latest agreement or provide any details regarding the status and circumstances behind the PV power plant contracts failure. 

Read Next

April 28, 2021
FTC Solar has downgraded the pricing of its initial public offering (IPO) and will list at a price of US$13 per share, rather than initial target range of US$18 – 20.
April 20, 2021
Amazon has announced plans for nine new utility-scale solar and wind projects in the US, Canada, Spain, Sweden and the UK, putting it on track to powering all its activities with renewables by 2025.
April 16, 2021
There was a more than fourfold increase in corporate solar funding in Q1 2021 compared with the same quarter last year, amid strong demand for PV assets globally, according to new analysis by Mercom Capital.
April 14, 2021
There is likely to be demand across Europe for producing hydrogen from renewable energy, but the right regulatory frameworks and legislation need to be in place for the green hydrogen industry to find success.
April 13, 2021
European solar investors are coming to terms with smaller returns, however banks, governments and grid operators could do more to help alleviate risk and ease investor concerns.
April 7, 2021
Norway’s sovereign wealth fund is eyeing potential investments in solar generation assets after making its first foray into renewables infrastructure.

Subscribe to Newsletter

Upcoming Events

Solar Media Events
May 11, 2021
Upcoming Webinars
May 26, 2021
Session 1 - 7:00 AM (BST) | Session 2 - 5:00 PM (BST)
Solar Media Events
June 15, 2021
Solar Media Events
July 6, 2021