HONG KONG, Nov. 19, 2015 /PRNewswire/ -- Kong Sun Holdings Limited ("Kong Sun" or the "Company", HKEx stock code: 295, which together with its subsidiaries is referred to as the "Group"), which invests in and operates photovoltaic power stations, announces today that the Company has entered into a loan agreement with its controlling shareholder Pohua JT Private Equity Fund L.P. ("Pohua JT"). Under the terms of the agreement, Pohua JT agreed to grant a three-year loan of HK$1.5 billion (the "Loan") at an annual interest rate of 5.8% to the Company.
The proceeds from the loan will be used as general working capital and to fund the Group's future business development.
Dr. Liu Wen Ping, Executive Director of Kong Sun, commented, "This unsecured loan carries an interest rate that is lower than the borrowing rates quoted by Hong Kong commercial banks and the coupon rate of our existing corporate bonds. The Loan has not only demonstrated the support from our controlling shareholder Pohua JT, but will also accelerate our investment and acquisition in photovoltaic power stations at a lower financing cost."
Pohua JT currently holds a controlling equity stake of approximately 59.83% in Kong Sun.
List of grid-connected photovoltaic projects:
| Date |
Project Location |
Equity Interest |
Installed Capacity |
|
| Oct 2014 |
Hami, Xinjiang |
100% |
20 MW |
|
| Nov 2014 |
Yumen, Gansu |
100% |
20 MW |
|
| Nov 2014 |
Jiuquan, Gansu |
100% |
30 MW |
|
| Mar 2015 |
Yingjisha, Xinjiang |
100% |
20 MW |
|
| Mar 2015 |
Kuche, Xinjiang |
100% |
20 MW |
|
| Mar 2015 |
Wushi, Xinjiang |
100% |
20 MW |
|
| May 2015 |
Hejing, Xinjiang |
100% |
20 MW |
|
| June 2015 |
Makit, Xinjiang |
100% |
20 MW |
|
| June 2015 |
Lanzhou, Gansu |
100% |
49.5 MW |
|
| Oct 2015 |
Artux, Xinjiang |
100% |
30 MW |
|
| Oct 2015 |
Artux, Xinjiang |
100% |
30 MW |
|
| Oct 2015 |
Weixian, Hebei |
100% |
30 MW |
|
| 309.5 MW |
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Company Profile
Kong Sun principally engages in the investment and operation of photovoltaic power station projects across various provinces and regions of China. It currently owns grid-connected projects in Hami, Yingjisha, Kuche, Wushi, Hejing, Makit County and Artux of Xinjiang, Yumen, Jiuquan and Lanzhou of Gansu, Weixian of Hebei as well as several photovoltaic power plants under development across China.
In addition, since 2014, Kong Sun has entered into a number of memorandum of understanding and agreements for the investment in and development of photovoltaic power plants in Gansu, Hebei, Inner Mongolia, Anhui, Yunnan and Xinjiang provinces of China.
Kong Sun is a constituent of MSCI Global Small Cap Indexes -- Hong Kong. It has also been selected as constituent of the Hang Seng Global Composite Index & Hang Seng Composite Index.
