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

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

August 3, 2022
Global investment in renewable energy reached a record half-year figure of US$226 billion in H1 2022, driven by soaring demand for clean energy technologies amid the ongoing energy and climate crisis, according to a BloombergNEF (BNEF) report.
July 26, 2022
UK-based energy group Octopus Energy has raised US$550 million to invest in renewables-enabling technologies and solutions.
July 20, 2022
Clean energy investor Octopus Investments Australia has launched a AU$10 billion (US$6.9 billion) platform that will finance renewables assets and has already acquired Australia’s largest operational solar project.
July 14, 2022
US community solar owner-operator Summit Ridge Energy has secured a US$175 million investment from private equity firm Apollo Global Management.
June 30, 2022
D.E. Shaw Renewables Investments (DESRI) has secured up to US$400 million in new capital finance to support its US renewables strategy.
June 28, 2022
Utility-scale renewables developer Intersect Power has secured US$750 million in funding to take its portfolio of renewables, energy storage and green hydrogen projects beyond 8GW.

Subscribe to Newsletter

Upcoming Events

Upcoming Webinars
September 7, 2022
15:30 AEST (UTC +10)
Solar Media Events
September 14, 2022
Solar Media Events
October 4, 2022
New York, USA
Solar Media Events
October 11, 2022
Virtual event