Hareon seals 930 MW solar deal with United PV Group


China-listed PV company Hareon announced yesterday that it had signed an investment framework agreement with United PV Group for the construction of dozens of PV power stations with a total capacity of 930 MW.

The whole deal is valued at around RMB 8.8 billion ($1.42 billion) and will take many years to complete.

According to the statement of the agreement and attached projects’ list, Hareon will commence the construction of three solar stations located in west China from a long list that consists of places from province level to county level, which probably indicate that the projects includes both ground-mount installations and distributed PV projects. This has not yet been confirmed by either Hareon or United PV Group, however.

In February, Hareon was investigated by China’s Securities Regulatory Commission due to its Illegal information disclosure, and is now facing delisting. The company also posted a financial deficit for the fiscal year of 2014, so this large deal may help Hareon achieve better quarterly and annual reports for 2015.

United PV Group is a listed company on the Hong Kong stock market and is a subsidiary of China Merchants New Energy Group, which is seeking opportunities in the PV industry.