Concord New Energy Group sells stake in Hubei wind project

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Concord New Energy Group sells stake in Hubei wind project

Concord New Energy, formerly known as China Windpower Group, has recently revealed that it has agreed to sell the remaining 51% stake in a wind project in the Jingmen city of the Hubei province, to Huadian Fuxin Energy Corp, a menber of China Huadian Corporation for the amount of CNY44.13 million (US$6.83 million).

In late 2014, Huadian Fuxin acquired a 49% interest in the wind project company, called Hubei Jinquan Wind Power Electricity Co Ltd. Following the transaction agreement Huadian Fuxin will acquire a 100% stake in the project.

To date, the project is still ongoing and the final capacity of the wind park has not been specified. 

Pursuant to the first equity transfer agreement, Concord New Energy conditionally agreed to sell and Huadian conditionally agreed to acquire additional equity interests in the Target Company from 2% up to 51% of the entire equity interests of the project company.

According to Concord New Energy, the equity transfers will strengthen the company’s cash resources and working capital position for the development of the group’s solar and wind power businesses using the proceeds from the for wind and solar power project development.

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