Panda Green Energy completes acquisition of 70 MW solar projects in Inner Mongolia
Panda Green Energy Group has completed the acquisition of two solar projects in Inner Mongolia with a combined capacity of 70 MW. The deal represents a total investment of CNY 99 million (USD 1.6m). The projects involved are:
- 20 MW solar photovoltaic project in Ulanqab
- 50 MW solar photovoltaic project in Bayannur
Panda Energy has acquired the solar power generation firm Zhuozi Luyang New Energy Co that owns the project in Ulanqab for CNY 17.8 million (USD2.59 m). In a separate transaction, it has also bought an 80% interest in Chinese company Hangjinhouqi Guodian Photovoltaics Electricity Co Ltd and its solar project in Bayannur, paying CNY 81.2 million (USD11.8177 m).
The two entities will operate as subsidiaries of Panda Green, which will also take their liabilities and include their results in its financial reports
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