Goldpoly and Huabei jointly acquire 23.8 MW solar plant in Xuzhou, China

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A joint acquisition project in China’s Jiangsu Province this week saw Goldpoly Energy New Energy Holdings and Huabei Expressway each take a 50% stake in a 23.8 MW solar plant located in Fengxian, in the Chinese city of Xuzhou.

The plant – which was sold for RMB450m ($73.5 million) by Suzhou Gong Ye Yuan Qu Zhong Fu Investment Management Company – covers a total area of 600,000 square meters and is home to 5,822 agricultural greenhouses. Currently, it is the world’s largest producer of on-grid ecological agriculture roof-top PV power, and sells energy at $0.39 per kWh.

Connected to the grid in 2011, the solar plant has since generated approximately 28 million kWh per year, helping to reduce China’s carbon emissions by 24,600 tons, saving 9,380 tons of standard coal in the process.

”The 23.8 MW ecological agriculture PV power generation project facilitates the application of new energy in developing larg-scale agriculture,” said Alan Li, Goldpoly’s CEO and Executive Director. ”It therefore maximizes the benefits achieved from land resources management and strategically promotes sustainable economic development.

”Both Huabei Expressway and Goldpoly are responding positively to the policies issued by the State Council on promoting the healthy development of the photovoltaic industry. Our landmark cooperation will surely accelerate the development of a low-carbon economy which integrates green environmental practices with new energy.”

Chairman of Huabei Expressway, and Secretary of the Party Committee of China Merchants Hua Jian Highway Investment Co Ltd (which holds a 26.82% stake in Huabei Expressway), Zheng Haijun, added: ”Fully aware of the enormous development potential oft he photovoltaic industry, the government has devoted great efforts to support the essential part oft he new energy sector and promote ist application.

”As a proactive response to the government policies, the cooperation between Huabei Expressway and Goldpoly on the solar power plant project marks our solid step towards developing a new industry that applies new energy in fostering ecological agriculture.”