Goldpoly New Energy Holdings Limited ("Goldpoly" or "the Company," HK stock code: 686, whose largest shareholder is China Merchants New Energy Group " CMNE "),today announced that it entered into a Framework Agreement (" Agreement ") with GD Solar Co Ltd (" GD Solar "), GUODIAN Inner Mongolia New Energy Investment Ltd (" GUODIAN Inner Mongolia New Energy "), and Forty-eighth Research Institute of China Electronics Technology Group Corp ( "Forty-eighth Research Institute ") to acquire no less than 80% equity interest in their 1st batch solar farm projects. A deposit of HK$100,000,000 is payable for the aggregate electricity generation capacity of 195MW.
On 22 August 2013, Goldpoly entered into an agreement with members of Photovoltaic Green Ecosystem Organization ("PGO"), including five large photovoltaic enterprises such as GD Solar, GUODIAN Inner Mongolia New Energy and Forty-eighth Research Institute, to acquire 400MW solar farms, subject to the fulfillment of certain conditions. Further to the previous cooperation, the Company will pay GD Solar, the authorized transferor as well as the EPC contractor, a deposit of HK$100,000,000 to acquire no less than 80% equity interest in the 1st batch solar farm projects with annual electricity generation capacity of 195MW as follows, 40MW Guodian Wulatehouqi project and 50MW Chahaeryouyiqianqi project, which are owned by GUODIAN Inner Mongolia New Energy; 65MW Guodian Nailuntumotezuoqi project and 40MW Guodian Tuoketuo County project, which are owned by Forty-eighth Research Institute.
According to the Agreement, the acquisition projects mentioned above will fulfill the conditions for on-grid connection and commence to generate electricity by 31 December 2013. The operating hours and generation capacity of these projects for the first year of operation and the subsequent period will meet the target to be set by the parties.
Mr. Alan LI, Executive Director/Chief Executive Officer of Goldpoly, said: "The establishment of PGO this August enabled Goldpoly to develop photovoltaic power plants in a close collaboration with China’s leading photovoltaic enterprises. The long-term strategic partnership between upstream and downstream enterprises allows all parties not only to bring their advantages into full play so as to ensure grid-connection and improve operating efficiency and stability, but also to effectuate the healthy development of PV industry for a win-win result. Pursuant to the Framework Agreement, we would pay GD Solar a deposit of HK$100,000,000, which is a testimony of our prudent and solid steps to execute our M&A projects in the pipeline and our efforts to maximize investment returns for our shareholders."
"As a professional platform under China Merchants Group, which is mainly engaged in the investment, development and operation of solar power plants, the Company will leverage its advantages in financing and plant operation to exercise flexible strategic planning, acquire premium solar power plants and launch large-scale M&A and projects development. China has provided great support to domestic PV industry in respect to feed-in tariff, VAT rebate and fund raising. Amid the favorable business environment, we are confident to build an optimum platform for investing in and operating PV power plants and to make our own contributions to China’s low-carbon economy." Mr. Li concluded.