China Singyes unit sells off 100MW of PV

The companies operate solar plants in northwestern China for HK$861m.

Hunan Singyes has agreed to accept payment for the stakes in three tranches over the next two years, according to a statement to the Hong Kong stock exchange.

The deal comes with a guarantee that the projects — which are located in Gansu province and the neighboring Xinjiang region — will generate at least 100,000,000 kWh of electricity per year.

PV manufacturing group China Singyes Solar Technologies, the parent of Hunan Singyes, recorded a net profit of 315.6 million yuan ($47.4 million) in the first half, up 41% on the year.

This week, the group — based in the city of Zhuhai, on southern Guangdong province — told The South China Morning Post that it will sell all of its solar assets in northern China due to grid-related problems and delayed payments of subsidies from the central government.

Instead, it will focus on investing in solar projects in its own province.?