The deal with Sichuan Zhonghaichuanglian Electricity Engineering and Shanxi Silu Electricity Engineering is valued at 369 million yuan ($53.7 million), according to a statement to the Hong Kong stock exchange.
The company will gradually pay Sichuan Zhonghaichuanglian and Shanxi Silu in small tranches as the project is completed, in order to ensure quality.
As part of the agreement, the two EPC contractors will also help to build a sustainability-themed activity centre for young people in Datong county, Shanxi.
Datong Panda PV — an indirect wholly owned subsidiary of United Photovoltaics — expects to complete the 100.4-hectare solar project by the end of June.
The United PV group indirectly holds an equity interest of about 12.4% in Shanxi Silu.
In September, China Merchants New Energy Group (CMNE) — United PV’s largest shareholder — signed an agreement with the United Nations Development Program (UNDP) to build panda-shaped solar projects, in line with the UNDP’s efforts to raise awareness of sustainable development among young people.
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