Goldpoly to be renamed

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Hot on the heels of Friday’s acquisition of 180 MW worth of Chinese solar power plants, Goldpoly New Energy Holdings is pressing ahead with plans to change its name.

In a circular issued to the Hong Kong Stock Exchange today, the Goldpoly directors called a special general meeting to be held on Kowloon, Hong Kong, on January 8 to rename the company the United Photovoltaics Group Limited.

Goldpoly is changing the name to "refresh the corporate image and identity of the company," according to the announcement, and also to reflect the change in strategy as the polysilicon manufacturer increasingly focuses on project development.

Goldpoly subsidiary Zhongli Changzhou announced on Friday it will pay RMB4.5 million (US$740,000) for a 45% stake in Chinese solar plant developer Changzhou Dinghui New Energy Company Limited.

The remaining 55% of Changzhou Dinghui – which is developing three plants with a total 180 MW capacity in Gonghe, in China’s Qinghai province – will be purchased by EBODHK, a subsidiary of EBOD, the Renewable Energy Trade Board Corporation. EBOD is acting with Goldpoly shareholder China Merchants New Energy Group Limited in its stake purchase, and will pay RMB5.5 million.

Changzhou Dinghui was only established in September and has registered assets of RMB32.2 million and liabilities of RMB22.2 million.

As part of the sale, the selling company, identified only as vendor 1 in the corporate documents and which owns a 3.46% shareholding in Goldpoly as well as the other selling company – vendor 2 – will be paid to perform EPC on the three Gonghe projects with the services pegged to the price of electricity generated. Where the electricity is sold for RMB1/kWh, the EPC payment will be RMB1.96 billion and where the energy price is RMB0.95/kWh, the EPC cst will be RMB1.85 billion.