Kong Sun Holdings Ltd, through its wholly-owned subsidiary, has agreed to acquire Tieshan Project Company, an owner and operator of solar photovoltaic power plant located in Tieshan District, Hubei Province, China, from Yingli Power Investment, a company engaged in the investment and development of photovoltaic power plants.
The total installed capacity of the plant is 30 MW .The construction was completed and connected to the power grid.
The aggregate consideration for the acquisition is CNY238.7 million (USD 35.7 million). The purchase consideration will be paid as follows:
The aggregate consideration for the acquisition shall be satisfied by internal resources of the Group.
Following the transaction, Tieshan Project company will become the wholly-owned subsidiary of the Kong Sun.