Goldpoly targets 1 GW portfolio expansion

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Having acquired China Merchants New Energy in June, Goldpoly New Energy Holdings Ltd has announced a plan to treble its solar portfolio by adding a further 1 GW of projects this year.

Goldpoly’s Qiu Shaomeng told pv magazine the deal announced on Thursday to acquire 500 MW of projects worldwide constructed by China Triumph International Engineering Co. Ltd, is part of a strategy to ‘test the water’ of international markets.

"The year 2014 will witness rapid growth of the company," said Goldpoly chairman and chief executive Alan Li in a statement on the Goldpoly website revealing details of the developer’s commitment to acquire projects in China, Europe, the U.S. and Japan.

Those projects will be constructed by China Triumph with Huawei Technologies providing the inverters and ICT operations and Qiu told pv magazine the 500 MW agreement is just part of a planned expansion in solar project development this year.

"We had around 530 MW of projects in our portfolio at the end of 2013 and we aim to add another 1 GW in 2014," said Qiu. "Most of the projects will be in China but we will also be testing the water in international markets."

Qiu, Goldpoly’s director of public and investor relations, said the varying costs and timescales of project development meant it was impossible to put a cost or timeline on the 500 MW acquisition commitment, adding only that the China Triumph projects would only be acquired once grid connected and that would be unlikely to occur in its entirety this year.

In terms of specific project locations, Qiu revealed any European schemes would not be in western Europe.

In announcing the deal with China Triumph and Huawei, the Goldpoly statement said it marked a "first batch of project pipelines between the parties."

China Merchants became the largest shareholder in Goldpoly under the terms of the merger between the companies.