Project developer China Merchants New Energy has conditionally agreed to acquire 300MW of PV projects in China from leading module supplier Yingli.
Deyu Zou, chairman of CMNE and Yiyu Wang, chief financial officer of Yingli, represented the two parties on signing the agreement, under which China Merchants New Energy will acquire projects developed by Yingli Group or its affiliates over the period of 2013 to 2015.
The acquisition of targeted projects will be conditional on those projects being approved and completed, and on Yingli connecting them by an agreed date.
In a statement following the signing of the deal, CMNE chief executive Li Yuan said the two companies would also look to jointly invest in PV project opportunities outside of China.
“Merchants New Energy and Yingli Group [will] create a professional solar power plant investment and operating platform through cooperation in the Chinese market [and] the two sides will also continue to further explore cooperation in North America, Japan, Australia and Europe and other overseas markets,” Li said.
Yingli Group founder and chairman Mr. Liansheng Miao added: “We expect to further strengthen cooperation in China and worldwide [to] deliver more quality photovoltaic power plants, so that people can afford green power, bringing solar energy to millions of households.”
PV manufacturer Goldpoly acquired a controlling stake in CMNE last year, since when the two companies have been on aggressive drive to develop their PV project business, acquiring numerous large project portfolios in China.