Xi’an Datang Electric has signed a CNY 614.9 million ($89.2 million) deal to provide EPC services for the first 100 MW phase of a 200 MW PV+aquaculture project on Ta’xi Lake, near the city of Yueyang, Hunan province. As part of the agreement, Nanjing GCL New Energy will also supply Xi’an Datang Electric with CNY 512 million of PV modules, frames, string converters, voltage converters and cables. The project will be connected to the grid at the end of June, according to a statement to the Hong Kong stock exchange.
Xi’an Datang Electric — a construction contractor based in Shaanxi province — will also handle EPC duties for a 50 MW solar project in Sanmenxia, Henan province. Grid connection is scheduled for the end of June. The deal includes an arrangement under which Nanjing GCL New Energy will sell PV system equipment to Xi’an Datang Electric for CNY 228.9 million.
GCL New Energy also revealed a CNY 102.3 million EPC agreement it signed with Xi’an Datang Electric last autumn for a 15 MW PV+agriculture project in Huai’an, Jiangsu province. As part of that arrangement, Nanjing GCL New Energy will supply solar panels, frames, voltage converters and cables to Xi’an Datang Electric for CNY 87 million.
GCL New Energy supplies many of its own solar projects with PV modules and other system equipment via its various subsidiaries. For example, last November it signed a deal under which group unit GCL Solar Energy supplied $9.5 million of panels for a 37.9 MW project in North Carolina. The array — located east of the state capital of Raleigh — is part of a 68.5 MW pipeline that GCL New Energy acquired in early 2016 in North Carolina for roughly $4.93 million.
The group — which estimated its cumulative installed PV capacity at 2.7 GW by the end of June 2016 — secured approval from the Shenzhen stock exchange in March to issue $254 million of green bonds. If it does move forward with the issuance, it said it will use the proceeds to finance the development of unspecified renewable-energy projects.