Steadily Promotes Acquisition Projects within PGO
HONG KONG and BEIJING, Dec. 20, 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"), a leading solar power plant investor and operator in China, today announced that one of its indirect wholly-owned subsidiaries, United Photovoltaics (Changzhou)Investment Co., Ltd. ("United Photovoltaics (Changzhou)"), entered into three sale and purchase agreements with Forty-eighth Research Institute of China Electronics Technology Group Corp ("Forty-eighth Research Institute") and Jiangsu Yongneng New Energy Investment Limited, a subsidiary of GUODIAN Inner Mongolia New Energy Investment Ltd ("Guodian Inner Mongolia New Energy"), to conditionally acquire equities in their 195MW solar power plants projects for a total cash consideration of approximately RMB304,617,210.
According to the sale and purchase agreements, United Photovoltaics (Changzhou) will conditionally acquire from Forty-eighth Research Institute an approximately 89.78% equity interest in the 40MW Guodian Tuoketuo County project and a 55% equity interest in the 65MW Guodian Nailuntumotezuoqi project. A total cash consideration of no more than RMB145,559,810 is payable for the aggregate electricity generation capacity of 105MW. Similarly, United Photovoltaics (Changzhou) will conditionally acquire an 86.79% equity interest in the 50MW Chahaeryouyiqianqi project and a 90.33% equity interest in the 40MW Guodian Wulatehouqi project which are owned by Guodian Inner Mongolia New Energy. A total cash consideration of RMB159,057,400 is payable for the aggregate electricity generation capacity of 90MW.
Preconditions for the sale and purchase agreements include obtaining approvals by the relevant authorities; obtaining all approvals for access system connections; possessing technical conditions to connect to grids; fulfilling related legal and financial requirements and reaching a loan agreement with a bank for the financing of no less than 70% or 80% respectively of the investment capital required, etc.
According to the agreements, the target projects mentioned above shall fulfill the conditions for grid connection and commence to generate electricity by 31 December 2013. The operating hours and generation capacity of these projects for the first year of operation shall meet the target set by all parties. The 50MW Chahaeryouyiqianqi project and the 40MW Guodian Wulatehouqi project have just successfully achieved grid connection.
Mr. Alan LI, Executive Director/Chief Executive Officer of Goldpoly, said: "Thanks to the all-round cooperation throughout the industry chain, Goldpoly has successfully acquired the first batch of 195MW solar power plants within Photovoltaic Green Ecosystem Organization ("PGO"). It is a milestone achievement in advocating our cooperation model. With a view to boosting the sustainable healthy development of the photovoltaic industry, we will join hands with more prominent partners to promote the model adopted within PGO. We are committed to working in collaboration to build a promising future for the photovoltaic industry."
