Kong Sun acquires 100MW solar power plant for approximately USD 113M in China
Hong Kong-based Kong Sun Holdings Limited which invests in and operates solar power plants across various provinces and regions in China, announced on December 13 that it has acquired a solar power plant project located in Baofeng County in mid-eastern China’s Henan province with a total installed capacity of 100MW for an aggregate consideration of approximately RMB743 million (USD 113 Million).
The construction of the power plant has completed and has been successfully connected to the power grid. After completion of the acquisition, Kong Sun’s total installed capacity will be further increased to 1,819.3MW. The considerations would be satisfied by internal resources of the Group.
Kong Sun reports owing the following list of solar power plant projects:
| Province | Number of solarPower Plant Projects
|
Installed Capacity
|
| Xinjiang | 11 | 240MW |
| Gansu | 7 | 238.5MW |
| Shaanxi | 8 | 610MW |
| Inner Mongolia | 2 | 40MW |
| Hebei | 4 | 101MW |
| Henan | 2 | 120MW |
| Shandong | 2 | 40MW |
| Anhui | 5 | 160MW |
| Zhejiang | 2 | 119.8MW |
| Jiangxi | 2 | 80MW |
| Hubei | 1 | 30MW |
| Shanxi | 1 | 20MW |
| Jiangsu | 1 | 20MW |
| Total | 48 | 1,819.3MW |
Mr. Zeng Jianhua, Chairman of the Board, Chief Executive Officer and Executive Director of Kong Sun, commented:
“The Group continues to explore suitable investment opportunities to acquire the solar power plants with long term development potential and stable returns. The acquisition of the plant will not only enhance the Group’s existing solar power plant portfolio and strengthen its business distribution in Henan Province, but the successful connection to the power grid will also generate immediate income to the Group. The Group’s total installed capacity has been further increased to 1,819.3MW. With strong financial strength and practical operation strategy, we will seize market opportunities to develop the solar power plant business, and continue to explore suitable solar power plant projects with the aim to expand the Group’s business scale and enhance shareholders returns.”
Source: Press Release by Kong Sun Holdings Limited.
