United PV, Huaxia Life partner to develop solar projects in China

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Hong Kong-based downstream solar developer United PV and Chinese life insurance company Huaxia Life are to form a partnership for solar photovoltaic development in China.

Under the plan, announced recently, the companies propose to add more than 1 gigawatt of solar photovoltaic projects in China till 2017.

While United PV has committed to a $1.5-billion investment in the plan, Huaxia Life is yet to announce its share in the deal.

Recently United PV formed a similar partnership with Hareon to develop 930 megawatts of solar photovoltaic projects in China.

At present the company has an installed capacity of more than 1.7 gigawatts of solar projects in China.

Earlier this month, United PV executed a term sheet for issue of $100 million convertible bonds to CITIC Capital. The proceeds from the issue were to be used to acquire solar power projects in China.

In accordance with the term sheet, CITIC Capital is to subscribe to 6.75 percent three-year convertible bonds for the principal amount of $100 million at the conversion price of 1.59 Hong Kong dollars.

Since early 2015, United PV has partnered with China Orient Asset Management, Fosun International, Chinastone, China Merchants Fund, China Huarong, BC Capital and China Merchants Yinke and Credit Suisse through the issue of convertible bonds for 6 billion Hong Kong dollars.

Ajith Kumar S

[email protected]

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