Goldpoly connects 50MW in China

Goldpoly New Energy has announced that a 50MW solar plant — the first project in a 195MW batch of PV to be brought online by the end of this year — has been connected to the grid in northern China’s Inner Mongolia region.

In late November, the Hong Kong-listed company revealed plans to buy majority stakes of at least 80% in 195MW of PV plants, as the first deal in a broader 400MW agreement it has signed with a group of companies.

Last August, Goldpoly conditionally agreed to buy 400MW of capacity in China as part of the Photovoltaic Green Ecosystem Organization (PGO), which includes GD Solar, Guodian Inner Mongolia New Energy and Forty-eighth Research Institute.

PGO is set to connect two more 40MW projects and a 65MW plant to the grid by the end of this month as part of the 195MW arrangement.

The 50MW project, in the city of Wulanchabu, Inner Mongolia, spans 1.46 square kilometres. Guodian Inner Mongolia Power, a regional utility under the Guodian group, funded the project, while Guodian-owed GD Solar handled EPC duties.

Goldpoly, partly owned by GCL-Poly, has burst onto China’s solar scene since finalising its acquisition of developer China Merchants New Energy (CMNE) earlier this year.

In a separate set of deals revealed this month, Goldpoly positioned itself to acquire 203.8MW of solar capacity.

Earlier this week, it agreed to acquire Changzhou Dinhui New Energy, a subsidiary of PV module maker Zhongli Talesun, for 10m yuan ($1.6m).

And late last week, Goldpoly and Shenzhen-listed Huabei Expressway drew closer to jointly purchasing a 23.8MW installation in Xuzhou, Jiangsu province.

Goldpoly has arrangements in place with a number of developers beyond the PGO, as well as a framework agreement, signed in November, to buy 500MW of PV in western China with a unit of PetroChina through 2015.