Kong Sun Holdings to acquire 30 MW PV plant from Yingli Green Energy

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:

• a cash consideration of CNY2 million (US%0.3 million) will be paid within three business days after completion of the registration with the relevant State Administration for Industry and Commerce;
• an amount of CNY230.74 million (US$34.51 million) being the assumed Tieshan Project Company liabilities shall be jointly and severally assumed;
• an amount of CNY6 million (US$0.89 million) being consultancy fee, will be paid on behalf of the Tieshan Project Company after completion of the transfer of the entire equity interests of the Tieshan Project Company. 

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.