Chinese solar power project operator United Photovoltaics has acquired 930 megawatts of solar energy capacity from Hareon Solar.
Earlier the company had also acquired 210 MW worth of solar power from Chinese electrical company Guodian.
United Photovoltaics paid $32 million in a cash-and-equity deal for the projects including installations in Inner Mongolia and Zhejiang provinces.
The latest acquisition involves more than 17 projects located in Chinese provinces including Xinjiang, Hebei, Yunnan, Shanxi and Jiangsu. Yunnan takes the largest share of the lot with 287 MW.
According to a statement issued by United Photovoltaics, the company has invested $1.4 billion in the deal.
Last year, United PV had signed an agreement with Yingli Solar to acquire 300 MW of solar power capacity between 2014 and 2016. The company also inked a pact with project developers and investments firms to acquire 295 MW capacity concentrated mostly in Inner Mongolia.
The acquisitions currently made take United Photovoltaic’s capacity to 1.7 gigawatts of solar power spread across 37 projects.
The statement reports that United Photovoltaics recently managed to raise more than $350 million by issuing convertible bonds to several China-based companies.
Also, last year the company entered into a strategic cooperation agreement with NARI Electricity under the State Grid of China for collaboration on the development, construction and operation of 1.5 GW solar plants.
According to the agreement, both companies were to jointly execute design, development and construction of solar power plants.
Ajith Kumar S