Goldpoly New Energy Holdings Limited ("Goldpoly" or "the Company," HK stockcode: 686, whose largest shareholder is China Merchants New Energy Group "CMNE"), today announced that it entered into a framework agreement ("Agreement") with China National Petroleum Corporation's ("CNPC") subsidiary Kunlun Trust Co., Ltd. ("Kunlun Trust") for joint acquisition of 500MW of solar power plants.
According to the agreement, Goldpoly and Kunlun Trust will jointly invest and acquire the entire equity interest of approximate 500 MW on-grid solar power plants projects in Xinjiang, Gansu and Inner Mongolia etc, during the period from 2013 to 2015. The acquisition's fulfillment conditions include approving by the relevant authorities; completing construction of the principal part of the project; obtaining all approval for the connection of the access system; having the technical conditions to connect to grids and financial requirements etc. Upon completion of the acquisition, Goldpoly and Kunlun Trust will own 60% and 40% equity interest in these projects, respectively.
Kunlun Trust is a trust and investment company held by CNPC specializing in investment, financing and financial services, etc. The firm has issued total trust schemes (funds) of over 900, with total assets under management (AUM) in excess of RMB$210 billion. CNPC through its wholly owned subsidiary CNPC Assets Management Co., Ltd. holds 82.18% of Kunlun Trust's shares.
Mr. Alan LI, Executive Director/CEO of Goldpoly, said: "We are so pleased that yet another large central enterprise will join our CMNE photovoltaic platform as we work together to build Goldpoly into a global new energy leading flagship firm. We will work together with major strategic partners to complete new on-grid solar power plants in the near future. We will continue to integrate resources so as to attract more Chinese and international well-known enterprises and institutions participating in joint investments and construction. This step will allow the company to become an attractive investment partner in the new energy sector along with major large international investment institutions and outstanding PRC investors."