Haeron sells 930 MW of solar farms to United PV

United Photovoltaics Group Limited (United PV) and Hareon Solar Technology Company Limited have entered into an agreement, pursuant to which United PV acquired 17 solar power plant project in China under Hareon Solar with a total installed capacity of 930 MW.

The deal is currently the world’s largest-scale single solar power plant acquisition across the globe.

Pursuant to the agreement, United PV acquired from Hareon Solar 17 solar power plant project, with a total installed capacity of 930 MW, in Xinjiang, Hebei, Yunnan, Shanxi, Jiangsu, etc. Of which, the solar power plant project in Jianshui, Yunnan has an installed capacity of 172.5MW, while the other in Yunnan has an installed capacity of 115MW.

As estimated in the agreement, the aggregate consideration for the acquisition amounted to RMB8.8 billion (US$1.44 billion). Upon completion, the number of solar power plants owned by United PV increased from 15 in 2014 to 37, with a total installed capacity increased from 572 MW in 2014 to 1,712 MW.

Since the beginning of this year, United PV has been actively seeking ways to broaden its financing channels; the company has issued a total of approximately HK$2.7 billion (US$348 million) convertible bonds to China Orient Asset Management, Fosun International, Chinastone, China Merchants Fund, China Huarong and BC Capital to jointly acquire solar power plants.

Mr. Alan LI, Chief Executive Officer of United PV, stated:

“The acquisition largely raised United PV’s installed capacity and electricity tariff income.This is now an era of universal environmental protection; the people are fighting against smog. We welcome not only institutions with social responsibility, but also the general public, to act together. We aim to be the environmental protection practitioner, bringing clean energy into thousands of households.”

We have recently reported about several photovoltaic projects globally:

• 86 MW Droogfontein 2 solar power plant- South Africa
• 70 MW Salvador solar photovoltaic project - Chile
• 17.8 MW DC Solar Spirit power plant - Canada
• 17.9 MW DC Bruining solar power plant - Canada
• 100 MW “Smart Grid” Montalva photovoltaic solar project - USA
• 42 MW Futtsu photovoltaic solar power project - Japan