Goldpoly signs conditional agreementfor acquisition of 400MW solar power plants
Friday, Aug 23, 2013
HONG KONG and BEIJING, Aug. 22, 2013 /PRNewswire/ -- Goldpoly New Energy Holdings Limited( http://www.goldpoly.hk ) ("Goldpoly" or "the Company,"HK stockcode:686, whose largest shareholder is China Merchants New Energy Group "CMNE"),today announced that it entered into an agreement with GD Solar Co Ltd("GD Solar"), NARI Technology Development Co Ltd("NARI"), GUODIAN Inner Mongolia New Energy Investment Ltd ("GUODIAN Inner Mongolia New Energy"), Poly Solar Technologies (Beijing) Co Ltd("Poly Solar Technologies") and Forty-eighth Research Institute of China Electronics Technology Group Corp ("Forty-eighth Research Institute")for the acquisition of 400MW of solar power plants, subject to the fulfillment of certain conditions. Mr. Alan LI, Executive Director/CEO of Goldpoly; Mr. XU Zhong, General Manager of GD Solar; Mr. WANG Changbao, Deputy General Manager of NARI; Mr. WANG Xiujun, Director of GUODIAN Inner Mongolia New Energy; Ms. TENG Aihua, General Manager of Poly Solar Technologies and Mr. LIU Jidong, Head of Forty-eighth Research Institute signed the agreement on behalf of all parties today.
According to the agreement, GD Solar, NARI, GUODIAN Inner Mongolia New Energy, Poly Solar Technologies and Forty-eighth Research Institute will build solar power plants in China. GD Solar will conduct engineering, procurement and construction ("EPC") activities and own 100% equity in the projects. Goldpoly will acquire the projects from GD Solar after the solar power plants are connected to grids and have passed inspections. Goldpoly will acquire from GD Solar certain completed solar power plants with an aggregate electricity generation capacity of approximately 400MW.
The acquisition's fulfillment conditions include having passed relevant PRC government regulatory requirements; obtaining all approval documents from relevant government authorities; completing construction and having been connected to grids; EPC contracts having been approved by third party and financial requirements etc. Provided that the internal rate of return for the total investment of the Company will not be less than 9%, the consideration will be calculated based on the on-grid electricity price and other data as a reference.
Mr. XU Zhong, General Manager of GD Solar said, "GD Solar has been committed to the development and application of new energy since its setup. With this partnership, we will bring into play to the overall strength and successful experience of our project design, equipment, construction, installation, commissioning and operational capabilities to provide the most reliable quality assurance for the future with Goldpoly and CMNE's long-term cooperation based on a solid foundation, and also boost the confidence of the entire PV industry."
Mr. Alan LI, Executive Director/CEO of Goldpoly, said: "We are very pleased to promote the solar application market and the photovoltaic industry's healthy development alongside photovoltaic enterprises, while also building up a long-term strategic partnership. We believe that by leveraging industry experience along with the commitment of photovoltaic industry peers of all parties, we will work together to enhance the industrial process as well as to achieve a greener level of social responsibility. Goldpoly will continue to expand its footprint in the solar power business through these projects and to become one of the world's leading photovoltaic power plant operators, while striving to achieve the dream of building green homes."
About Goldpoly New Energy Holdings Limited (HK stock code: 686)
Goldpoly New Energy Holdings Limited (the "Company") is engaged in the investment, development and operation of solar power stations in the PRC, and has a polysilicon solar cell factory in Quanzhou, Fujian Province, PRC. The Company is listed on the main board in Hong Kong (stock code: 686). On 10 June 2013, the Company completed the acquisition of China Merchants New Energy Holdings Limited, a company focused on the investment, development and operation of solar power stations. Following the acquisition, China Merchants New Energy Holdings Limited became a wholly-owned subsidiary of the Company. The Company turned a new page of development since then, and commenced to fully integrate the solar power stations business to create a leading global operations platform for photovoltaic power stations.
SOURCE Goldpoly New Energy Holdings Limited