Markets & Policy

China Singyes unit sells off 100MW of PV

Excel Deal Investment has agreed to buy two 81% stakes in two companies from Hunan Singyes Green Energy for HKD861,000,000 (USD111 million).
Brian Publicover
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Brian Publicover
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.?

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