(PRC, Hong Kong, 9 January 2014) Goldpoly New Energy Holdings Limited (“Goldpoly” or “the Company,” HK stock code: 686, a leading solar power plant investor and operator in China, whose largest shareholder is China Merchants New Energy Group “CMNE”), today announced that it entered into a cooperation agreement with China Triumph International Engineering Co., Ltd. (“CTIEC”) and Huawei Technologies Co Ltd (“Huawei”) for acquisition of 500 MW solar power plants, representing the first batch of project pipelines between the parties. Representative of Goldpoly, Mr. Congxiao WANG, Assistant to the Chairman/Director of the New Energy Department of CTIEC, and Mr. Feijun YIN, General Manager of Huawei’s Sales Department for Network Power Product Portfolios, signed the agreement. Mr. Alan LI, Chairman/Chief Executive Officer of Goldpolyand Mr. Shou PENG, Chairman/General Manager of CTIEC attended the signing ceremony.
According to the Agreement, Goldpoly plans to acquire solar power plants which are developed and constructed by CTIEC in China, Europe, North America and Japan, subject to the fulfillment of certain conditions. The first batch of projects provides 500 MW of installed capacity (“Target Projects”). Huawei will be the preferred provider of inverters and information and communications technology (ICT) solutions for the coming projects, as appointed by Goldpoly and CTIEC.
These Target Projects shall fulfill the conditions of obtaining approval from relevant authorities, obtaining all approval for access system connections, possessing technical conditions to connect to grids and fulfilling related legal and financial requirements, etc. Additionally, an internal rate of return on acquisitions of Target Projects arrived at by calculating the acquisition considerations should not be less than 9%.
Mr. Alan LI, Chairman/Chief Executive Officer of Goldpoly , said: “With joint efforts, Goldpoly strives to maintain a leading position in the photovoltaic industry. This cooperation agreement provides strong evidence of our tight alliances with leading enterprises across the industry chain. As an international group engaged in engineering, CTIEC possesses rich experience in providing EPC service for solar power plants at home and abroad. Huawei, a leading global ICT solutions provider, owns outstanding research and executive capabilities and through its high-quality photovoltaic inverters will help facilitate the power generation of solar power plants to enhance operation efficiency.
“The Company has accomplished grid connection of over 500 MW solar power plants by 2013. The strategic cooperation between Goldpoly, CTIEC and Huawei accelerates the Company’s steps in expanding premium project pipelines, developing overseas markets and updating the network for operating solar power plants around the world. Meanwhile, we will learn from other parties to promote our expertise in project operations. The year 2014 will witness rapid growth of the Company. Implementing prudent, pragmatic business strategies inherited from China Merchants Group's over 100-year-history, we are reinforcing our pioneering business model which integrates finance with the photovoltaic business. We are determined to lay a solid foundation for building the most efficient and professional platform for operating photovoltaic power plants worldwide.” said Mr. LI.
