United PV acquires 100MW solar power project in Hubei, China

United PV’s subsidiary United Photovoltaics (Changzhou) Investment has agreed to acquire a 100MW solar power project owned by Hubei Jingtai Photovoltaics Power Company.

United Photovoltaics (Changzhou) Investment will pay CNY 850m ($136.6m) including $32m for equity interest.

Following the deal, Hubei Jingtai will operate as indirect wholly-owned subsidiary of the company.

The solar project is claimed to be the largest in Hubei province of Central China which has received grid connection and has received feed-in tariff.

Hubei Jingtai has also agreed to provide annual volume of electricity generation for five years. The company said that it is focusing on the fast-growing solar power plant market in China, and plans to further contribute towards the expansion in green energy by investing in high-quality power plants.

United PV said: "The acquisition is the Group’s major step following the acquisition of 930MW of Hareon Solar.

"As of 30 July 2015, the Group owns or is in the process of acquisition of 45 grid-connected solar power plants with a total installed capacity of 1.952GW across Xinjiang, Inner Mongolia, Qinghai, Hubei, Jiangsu, Fujian, Guangdong, etc."

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Image: The the largest in Hubei, China. Photo: courtesy of United Photovoltaics.