United PV set to snap up share of 40MW project

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United PV has announced it is close to concluding a deal for a majority share in a 40MW project in Inner Mongolia, according to a statement to the Hong Kong stock exchange.

United and Huabei Expressway will buy the majority of the company that owns the project in Keerqinzuoyihouqi, in the Inner Mongolia Autonomous region.

Huabei Expressway will acquire 84.31% stake for RMB67.4 million (US$11.0 million). United will take a 9.37% share for RMB7.5 million (US$1.2 million).

The project itself is already grid-connected. If it averages an 8% per annum return on investment, United PV will be entitled to increase its share in the project.

Upon completion of the deal, both Huabei Expressway and United PV will invest RMB297.7 million (US$48.5 million) and RMB33.1 million (US$5.4 million) respectively in the project.

Naiman Windpower will retain a small share in the company that owns the project.

United stressed that negotiations are ongoing and the terms of the deal are subject to change.

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