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Goldpoly and Its Shareholder Company Jointly Acquire Gonghe, Qinghai 180MW Solar Power Plants

2013-12-13 19:42
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HONG KONG and BEIJING, Dec. 13, 2013 /PRNewswire/ -- Goldpoly New Energy Holdings Limited ("Goldpoly" or "the Company," HK stock code: 686, whose largest shareholder is China Merchants New Energy Group "CMNE") announced that, Goldpoly, together with its shareholder company Renewable Energy Trade Board Corporation ("EBOD"), renewable energy trading platform under CMNE, entered into an agreement with Zhongli Talesun for the joint acquisition of 100% equity interest in Changzhou Dinhui New Energy Limited ("Target Company"), Zhongli Talesun's wholly-owned subsidiary. The total capacity of the solar power plants amounts to 180 MW located in Gonghe, Qinghai Province and the total cash consideration of this acquisition is RMB10, 000,000.

According to the agreement, Goldpoly acquires 45% equity interest in the Target Company for a total cash consideration of RMB4,500,000, while EBOD acquires the rest of 55% equity interest in the Target Company for a total cash consideration of RMB5,500,000. The Target Company owns solar power plants projects located in Gonghe, Qinghai Province, China with an aggregate solar electricity generation capacity of approximately 180MW ("the Projects"). Thus Goldpoly and EBOD are to jointly own the entire equity interest in the Projects upon completion of the acquisition.

The acquisition's fulfillment conditions include approval by the relevant authorities; obtaining all approvals for access system connections; completing construction of the principal part of the Projects; possessing technical conditions to connect to grids and fulfilling related financial requirements, etc.

EPC services of the 180MW solar power plants projects will be provided by Zhongli Talesun. The EPC consideration shall be determined with reference to the actual on-grid electricity price obtained by the Projects. Zhongli Talesun guarantees and warrants that the electricity generation capacity of the Projects will meet the target set by the Parties for a term of ten years from the date on which the Projects are connected to the grid and delivered.

Mr. Alan LI, Executive Director/Chief Executive Officer of Goldpoly, said: "Goldpoly is always devoted to promoting the stable development of PV power plants business. The persistent efforts we have made facilitate our strategic cooperation with the industry leader Zhongli Talesun again for the acquisition of 180MW solar power plants projects located in Gonghe, Qinghai Province, which further enhances our business expansion in West China, increases economy of scale as well as the Group's sustained and healthy development. Levering on our prudent and pragmatic operating style as well as strengthen the solid bonds with credible enterprises, we are expecting to successfully complete acquisitions of solar power plants within these few weeks, in an effort to bring our promise to shareholders, to achieve the dream of green energy by 'United as a consortium and involve all public in' ."

Source: Goldpoly New Energy Holdings Limited

Related stocks: HongKong:0686

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