United PV’s subsidiary United Photovoltaics (Changzhou) Investment has agreed to acquire a 100MW solar power project owned by Hubei Jingtai Photovoltaics Power Company.
United Photovoltaics (Changzhou) Investment will pay CNY 850m ($136.6m) including $32m for equity interest.
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Following the deal, Hubei Jingtai will operate as indirect wholly-owned subsidiary of the company.
The solar project is claimed to be the largest in Hubei province of Central China which has received grid connection and has received feed-in tariff.
Hubei Jingtai has also agreed to provide annual volume of electricity generation for five years. The company said that it is focusing on the fast-growing solar power plant market in China, and plans to further contribute towards the expansion in green energy by investing in high-quality power plants.
United PV said: "The acquisition is the Group’s major step following the acquisition of 930MW of Hareon Solar.
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By GlobalData"As of 30 July 2015, the Group owns or is in the process of acquisition of 45 grid-connected solar power plants with a total installed capacity of 1.952GW across Xinjiang, Inner Mongolia, Qinghai, Hubei, Jiangsu, Fujian, Guangdong, etc."
Image: The the largest in Hubei, China. Photo: courtesy of United Photovoltaics.
