Goldpoly to acquire 400 MW of solar power assets in China

Goldpoly last week entered into a conditional agreement to purchase 400 MW of solar power plants in China from a consortium led by GD Solar Co Ltd.

The Hong Kong-headquartered company will acquire the newly constructed facilities once they are connected to grids and have satisfied all the necessary inspections.

The partnership is between Goldpoly and a consortium comprising GD Solar, NARI Technology Development Co Ltd, GUODIAN Inner Mongolia New Energy Investment Ltd, Poly Solar Technologies Co Ltd, and Forty-eighth Research Institute of China Electronics Technology Group Corp.

These companies will build the solar power plants throughout China, with GD Solar – which will own 100% equity in the projects – conducting the engineering, procurement and construction (EPC) activities. Goldpoly will then acquire certain solar power plants with an aggregate electricity generation capacity of approximately 400 MW.

The agreement was signed by Goldpoly’s CEO/Executive Director, Alan Li; GD Solar’s General Manager, Xu Zhong; NARI’s Deputy General Manager, Wang Changbao; the Director of GUODIAN Inner Mongolia New Energy, Wang Xiujun; Poly Solar technologies’ General Manager, Teng Aihua, and the Head of Research for Forty-eighth Research Institute, Liu Jidong.

The conditions of the agreement stipulate that the power plants must pass all relevant PRC government regulatory requirements; obtain all approved documents from the relevant government authorities; possess third-party-approved EPC contracts and financial requirements, and that the completed constructions are to be connected to the grids.

Goldpoly (whose largest shareholder is China Merchants New Energy Group, or CMNE) will receive in internal rate of return on the investment based on the calculation of the on-grid electricity price and other data, provided it is not less than 9%.

"We are very pleased to promote the solar application market and the photovoltaic industry’s healthy development alongside photovoltaic enterprises, while also building up a long-term strategic partnership," said Goldpoly’s CEO/Executive Director, Li. "We believe that by leveraging industry experience along with the commitment of photovoltaic industry peers of all parties, we will work together to enhance the industrial process as well as to achieve a greener level of social responsibility."

GD Solar’s General Manager, Xu, said: "GD Solar has been committed to the development and application of new energy since its setup. With this partnership, we will bring into play to the overall strength and successful experience of our project design, equipment, construction, installation, commissioning and operational capabilities to provide the most reliable quality assurance for the future with Goldplay and CMNE’s long-term cooperation based on a solid foundation, and also boost the confidence of the entire PV industry."

Li added: "Goldpoly will continue to expand its footprint in the solar power business through these projects and to become one of the world’s leading photovoltaic power plant operators, while striving to achieve the dream of building green homes."