HONG KONG, Dec. 17, 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 the fulfillment of preconditions for the joint acquisition with Huabei Expressway Co Ltd ("Huabei Expressway") regarding the 23.8 MW on-grid solar power plant project in Fengxian, Xuzhou City, Jiangsu Province. The three parties signed the related documents on the completion date.
Goldpoly, together with Huabei Expressway, signed a framework agreement with Suzhou Industrial Park Zhong Fu Investment Management Co Ltd for the joint acquisition which has been approved by shareholders at SGMs of both sides and by the Hong Kong Stock Exchange and its PRC counterpart. All preconditions have been fulfilled.
Mr. Alan LI, Executive Director/CEO of Goldpoly, said: "The completion of the joint acquisition of solar power plants by Goldpoly and Huabei Expressway marks the first success we've achieved by working collectively to develop the new energy business. This kick-starts an innovative cooperation model for carrying out more acquisitions. We will further adopt this mode of joint acquisitions in cooperation with other SOEs and prominent enterprises to help boost joint efforts to realize the dream of building green homes."
Located in Fengxian, Xuzhou City, Jiangsu Provicne, the 23.8 MW solar power plant covers an area of 600,000 square meters and accommodates 5,822 agricultural greenhouses. It is currently the world's largest project for on-grid ecological agriculture roof-top photovoltaic power generation. The solar power plant was connected to the grid in 2011 and generated approximately 28 million kWh per year. If 335 grams of coal are required to produce one kWh of electricity, it means the project helps save 9,380 tons of standard coal every year and reduces carbon dioxide emissions by 24,600 tons as a result. Pursuant to the agreement, the electricity tariff of the project stands at RMB 2.4 per kWh, which constitutes the standard on-grid power tariff offered by the State and the subsidies offered by the Jiangsu provincial government. The selling party will provide a pledge guarantee for the revenue of electricity generation.