United PV grabs 20MW in China

United Photovoltaics has purchased a 20MW solar project in western China.

The downstream PV investor has agreed to pay about 43 million yuan ($6.9m) to acquire Gonghe County Xinte Photovaltaic, which owns the project in Gonghe county, Qinghai province.

The plant was connected to the grid in late 2013, United PV said in a statement to the Hong Kong stock exchange.

Prior to the deal, EPC services provider TBEA Sun Oasis owned a 90% stake in the project owner, while Xinjiang Sang’ou Solar Equipment held the remaining 10% stake.

United PV, one of China's most aggressive solar project investors, also agreed to pay 215 million yuan to TBEA for EPC services.

The company, which changed its name from Goldpoly last February, will turn Gonghe County Xinte Photovaltaic into a wholly owned subsidiary.

In June, China Merchants New Energy (CMNE) increased its stake in United PV to 19.18%.

By the end of 2013, United PV owned and operated 531.7MW of solar capacity in China.