United Photovoltaics acquires 210 MW of China projects


United PV, formerly known as Goldpoly, is continuing to aggressively expand its portfolio of Chinese PV power plant projects. UP (Changzhou), a fully owned subsidiary of United PV, announced yesterday that will acquire the 210 MW portfolio of projects. Five project development companies have built out the power plants, located in Inner Mongolio and Zhejian Province in China.

The RMB105 million in cash will be paid for the projects with the remainder of the payment taking the form of a share pledge. The cash component of the sale will take place on or before 31 May, pending UP (Changzhou) completing due diligence on the projects. The entire transaction is scheduled to be completed by the end of September, 2015.

The complete transaction is estimated to total not in excess of RMB1,903,960,000 (US$31 million).

Four of the solar projects have already been grid connected, while connection of the fifth is expected to take place by Q3 2015.

United PV is an investment holding company, specialized in PV power plant development, investment and O&M of large scale solar projects. In March it acquired 296 MW of Chinese PV projects from developer Singyes and 145 MW from GD Solar. A little over 12 months ago United PV signed an agreement with Yingli to acquire 300 MW of projects.