Chinese developer's $50m warchest

Chinese solar developer United PV Group looks set to expand its 682 MW project portfolio after announcing agreement overnight to raise $50 million for further acquisitions.

The Hong Kong based developer, which has projects in Qinghai, Gansu, Inner Mongolia, Xinjiang, Jiangsu, Fujian and Guangdong has reached agreement with Chinese investment holding company BC Global Asset Management Ltd, which has signed a non-binding agreement to subscribe to convertible bonds.

The announcement of the fresh funding, made to the Hong Kong Stock Exchange overnight, did not indicate what proportion of United PV is being issued through the convertible bonds.

Elsewhere on the exchange, Shanghai-based ingot and wafer manufacturer Comtec Solar reported turnover of RMB273 million ($43 million) for the first three months of the year and a gross profit of RMB8.8 million ($1.4 million) but it was not enough to lift figures into the black with a Q1 net loss of RMB11.6 million ($1.8 million).

In an update to the exchange, the Comtec board assured investors the company has a comfortable debt to equity of ratio of 17.3 per cent in relation to a net debt figure of RMB260 million ($41 million), which includes RMB524 million ($84 million) of short-term bank loans.