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.?
This content is protected by copyright and may not be reused. If you want to cooperate with us and would like to reuse some of our content, please contact: email@example.com.