United Photovoltaics to Acquire Two Chinese Solar Projects

United Photovoltaics Group a unit of China Merchants New Energy Group, has acquired two solar power plants in China with a total installed capacity of 40 megawatts from Zhaoxin Energy Investment Co.

The agreement was signed by United Photovoltaics (Changzhou) Investment Co., a wholly-owned subsidiary of the company. Under the agreement, United PV (Changzhou) has agreed to acquire the entire equity interests in Wujiaqu Lishang Photovoltaics Power Co. and Tangshan Zhaoxin Solar Power Co. together with the two solar power plants in Wujiaqu, Xinjiang Uyghur Autonomous Region and Tangshan, Hebei Province.

It is expected that the two solar power plants would achieve on-grid connection and commence operation at the end of December 2015 and first quarter of 2016 respectively. The total consideration of RMB356 million would be financed by internal resources and external financing.

United PV (Changzhou) has also agreed to assist Zhaoxin Energy Investment in obtaining financing from banks and financial institutions in an aggregate loan amount of no more than RMB257 million for the construction and development of the Wujiaqu Plant and the Tangshan Plant.

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