China’s United PV Secures $1.5 Billion Funding To Acquire Solar Power Projects
One of China’s rapidly emerging solar power project developers and operators, United PV, has secured a fresh credit line to expand its footprint further.
United PV, which has been on an acquisition spree for the last several months, has secured RMB 10 billion (US$1.5 billion) to acquire more solar power projects. The company has raised this funding from CITIC Financial Leasing Co.
The company raised funds through various means throughout 2015 and signed several deals to acquire solar power projects across China. United PV recently reported that it raised $100 million from the sale of convertible bonds to Huaqing Solar Power Limited. United PV issued 3-year convertible bonds at an interest rate of 6.75% to be paid every six months.
In 2014, United PV signed an agreement with Yingli Solar to acquire 300 MW of solar power capacity between 2014 and 2016. The company currently has an operational capacity of 652 MW. The company also has a pipeline of 8.4 GW capacity which it is expected to acquire from companies like GD Solar, CTIEC, Huawei, Zhongli Talesun, among others.
In May 2015, United PV announced what it claimed to be the largest single transaction of solar power project in the world. The company acquired 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.
This acquisition seems doubtful as United PV claimed that Hareon Solar has failed to meet the conditions of the transaction. United PV is seeking a refund of $64.5 million from Hareon Solar as the latter has been able to commission only 30 MW capacity by late December. Hareon Solar, on its part, stated that it is working to commission more projects.
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