United PV Acquires 930 MW In Largest Solar Power Deal
United Photovoltaics, a China-based investor and operator of solar power projects, has announced yet another deal to acquire more projects in China.
United Photovoltaics (United PV), formerly known as Goldpoly New Energy Holdings, announced the second acquisition of solar power projects in two days. After acquiring 210 MW worth of solar power projects, United PV has now also bought 930 MW worth of solar power capacity from Hareon Solar, taking over 17 projects located in various provinces of China. The projects are located in Xinjiang, Hebei, Yunnan, Shanxi, Jiangsu, among other provinces, with Yunnan housing the largest capacity of at least 287 MW.
The deal has been hailed as the largest single transaction of solar power projects.
The total value of the deal has been reported by United PV as $1.4 billion, following a day on from the company’s announcement of the acquisition of 210 MW solar power projects from Chinese electrical company Guodian, with the projects located in the Inner Mongolia and Zhejiang rovinces. United PV paid $32 million in a cash and equity deal.
Last year, United PV signed an agreement with Yingli Solar to acquire 300 MW of solar power capacity between 2014 and 2016. United PV also entered into an agreement with project developers and investments firms to acquire 295 MW capacity concentrated mostly in Inner Mongolia.
Following the acquisition of these 17 projects United PV’s portfolio will balloon to 37 projects representing over 1.7 GW solar power capacity. The company has managed to build such a large portfolio of projects by raising significant capital over a very short period of time. This year alone, United PV has raised more than $350 million by issuing convertible bonds to several China-based companies.
Image Credit: United Photovoltaics
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