Panda Green to buy 50 MW for $30 million in China

The transaction will involve two separate payments, according to a statement to the Hong Kong stock exchange. Chayouqianqi United Photovoltaics Electricity, an indirect wholly owned group unit, will pay CNY 2.02 million to Beijing Guoruntianneng New Energy Technology, a system integrator and EPC services provider. It will also pay CNY 193.97 million to renewables investor and power generator Tibet Huaxin New Energy.

The 50 MW project is located at an undisclosed site in China’s Inner Mongolia region. Inner Mongolia Guorun Chayouqianqi Electricity connected the PV array to the grid in December 2015. The company reported a a net profit after taxation of CNY 6 million in the year to the end of December 2016, on roughly CNY 60 million of revenue. Its total assets are valued at about CNY 499 million, according to its unaudited results.

Panda Green — formerly known as United Photovoltaics — posted a profit of CNY 277 million in the first half of this year, up 7% from the first six months of 2016, as its aggregate installed PV capacity grew to 468.1 MW. Its solar projects in China generated roughly 1,001.9 GWh of electricity in the six months to the end of June, up from 611.2 GWh a year earlier.

Earlier this month, Panda Green revealed that the China Securities Regulatory Commission (CSRC) had approved plans by one of its subsidiaries to issue up to CNY 1.5 billion of corporate bonds. In June, the Chinese PV developer and investor connected a 50 MW solar installation to the grid in northwestern China’s Shanxi province. The PV array, which is shaped like a panda bear when seen from above, is the first project that Panda Green plans to build under a collaborative tie-up with the United Nations Development Program (UNDP). China Merchants New Energy Group (CMNE) — Panda Green’s biggest shareholder — signed an agreement with the UNDP in September 2016 to build a number of panda-shaped solar arrays, to teach young people in China about sustainable development.