On 13 June 2014 United Photovoltaics Group Limited (United PV), a leading solar power plant investor and operator in China, announced that it completed the acquisition of the remaining 55% equity interest in Changzhou Dinghui New Energy Limited (Dinghui New Energy).
The deal was closed for a total cash consideration of RMB5.5 million (US$0.9 million), thus the Company has hold 100% of the equity interest in Dinghui New Energy.
Dinghui New Energy owns three solar power plants located at the photovoltaic park in Gonghe, Hainan, Qinghai Province, China, which are large-scale ground-mounted solar power plants, with an aggregate installed capacity of approximately 180MW.
All the three power plants have successfully achieved on-grid connection in December 2013, with annual operating hours of approximately 1,546. In which, two power plants with total installed capacity of 80MW have commenced operating and generating income, the 100MW power plant is expected to begin operating and generating income in the second half of 2014. It is expected to be fully operational by the end of 2014.
Mr. Alan LI, Chairman of the Board and CEO of United PV, stated:
We believe the completed acquisition will maximize the return and enhance our profitability, strengthening our leading position in the photovoltaic power plant industry in China.