United Photovoltaics Group Ltd. (United PV), has announced on the Hong Kong stock exchange that it is to pay a maximum of 30 million pounds ($39 million) on the purchase of six ground mounted solar PV plants in the U.K.
The solar installations are currently owned by Luxembourg-incorporated Notus Investments 1 Sarl, and have a combined capacity of 82.4 MW. Having begun commercial operations in the first quarter of 2015, each of the solar farms are eligible for 1.4 renewable obligation certificates (ROC), thus making them an attractive investment for the Chinese solar company.
United PV was advised on the acquisition by Ernst & Young’s renewable energy corporate finance team, based in London.
Earlier this week, United PV also acquired a 40 MW Chinese solar farm from Shunfeng Photovoltaic. The plant is located in Yantai City, Shandong Province, and has been connected to the grid since the end of 2015.
Further, United PV has also announced that international investment institution ORIX Corporation has purchased a $100 million stake in the company to now own an enlarged share of 19.9% of the firm, making it the second-largest strategic shareholder after CMNEG.