In an attempt to further expand its acquisition spree, the Chinese operator of solar power projects United PV has issued convertible bonds.
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. With the issuance of bonds the total funds raised by United PV this year reached $387 million.
In May this year, 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.
Last year, United PV signed an agreement with Yingli Solar to acquire 300 MW of solar power capacity between 2014 and 2016.
United PV has been able to expand its operational capacity footprint significantly over the last few months through acquisitions across China. 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.
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