United PV completes deal for 20MW China project



United Photovoltaics has completed the acquisition of a 20MW solar project in Qinghai province, China.

Under the terms of the agreement United PV will pay around RMB43,000,000 (US$6.9 million) for the company that owns the project. It will also pay the outstanding engineering, procurement and construction (EPC) charges of RMB 215,000,000 (US$34.7 million) to TBEA.

The EPC fees will be paid in four stages with a deposit of RMB21,500,000 (US$3.5 million) due within ten days of the deal’s conclusion.

The project was grid-connected before the end of 2013 and has a power purchase agreement in place, both conditions of the deal’s success when terms were first negotiated.

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