Nov. 28, 2013 - Goldpoly New Energy Holdings Ltd., which is majority owned by China Merchants New Energy Group (CMNE), has signed a legally-binding framework agreement to acquire 195MW of PV plants in China.
The agreement, which follows a preliminary agreement signed in mid-August, has been signed with solar producer GD Solar Co Ltd., Guodin Inner Mongolia New Energy Investment Ltd., Poly Solar Technologies (Beijing) Co Ltd. and research institute Forty-eighth Research Institute of China Electronics Technology Group Corp. Under the terms of the agreement, GD Solar has sold to Goldopoly an 80% equity in the companies Guodian Wulatehouqi Solar Power Company and Guodian Tuoketuo County Solar Power Company Limited, that owns PV projects currently under development in China with a capacity of 90MW and 105MW, respectively. Goldpoly said that the internal rate of return for its investment will not be less than 9%. All of the power plants covered under the transaction are due to be fully operational by the end of 2013. The financial terms of the transaction were not disclosed.
According to the preliminary agreement signed in August, however, the combined capacity of the PV plants to be acquired by Goldpoly was 400 MW. The company has not provided any explanation on why the global capacity of the transaction has been more than halved.
Goldpoly has entered into several similar agreements in recent months. In early August, the company announced that its wholly owned subsidiary China Solar Power Group Ltd. (CSPG) signed a framework agreement with Zhongli Talesun Solar Co. Ltd. under which CSPG will acquire approximately 300MW of solar power plants in China from Talesun. Furthermore, Goldpoly and Kunlun Trust Co. Ltd., a unit of CNPC, signed a framework agreement to jointly acquire 500MW of PV power projects across northern China over the next 2 years in mid-November.