Kong Sun Holdings Limited has announced that Kong Sun Yongtai Investment (KS Investment), its wholly- owned subsidiary, has entered into a cooperative agreement with Xinjiang Zhongxing Energy to acquire two grid-connected photovoltaic power plants with a combined total installed capacity of 60 MW in Xinjiang Province, China.
The two photovoltaic power plant projects, each with an installed capacity of 30 MW, are located in Artux City, Xinjiang Province. Grid-connection is successfully completed and the two power plants are ready to start commercial operation and generate electricity. Total consideration for the acquisition of the projects is RMB534 million (US$83.8 million) and will be funded by internal resources of the group.
Dr. Liu Wen Ping, executive director of Kong Sun, said,
'Kong Sun has been proactively exploring opportunities for investing in premium photovoltaic power plants. The acquisition of these two Xinjiang photovoltaic power plants further brings our total installed capacity of grid-connected projects in operation to 279.5 MW. Not only did it raise our electricity tariff income but has also enabled us to establish a proven track record as a successful photovoltaic power plant operator. We are on track with our investment and development plan and we expect to further increase our installed capacity before end of 2015.'
"From January to June 2015, the newly installed photovoltaic capacity in China was 7.73 gigawatts, representing a 134% increase year on year. This shows that the photovoltaic power sector is experiencing rapid growth to meet the country's sustainable development. By leveraging on our sound financial position and excellent execution abilities, we will continue to grasp opportunities with photovoltaic power plant and believe we can bring attractive returns to our shareholders."