Yingli, CMNE to buy 300MW of PV

PV module supplier Yingli and project developer China Merchants New Energy (CMNE) have conditionally agreed to jointly acquire 300MW of ground-mount solar projects in China through 2015.

The two sides did not disclose the terms of the deal.

The companies will also seek opportunities to jointly invest in PV projects in North America, Japan, Australia and Europe, said CMNE chief executive Li Yuan in an online statement.

Last January, PV cell manufacturer Goldpoly New Energy acquired a 92.2% stake in CMNE for HK$2.12bn ($273m).

Hong Kong-based CMNE has since announced a series of projects throughout China, including a plan to build 300MW of solar capacity in the nation’s western Xinjiang region and an additional 300MW in Hebei province, near Beijing.

In September, it also started building a 65MW solar plant in China’s Inner Mongolia region.

Hebei-based Yingli, the world’s biggest PV module supplier, recorded a net loss of 235.6m yuan ($38.5m) in the July-September period, down from 320.8m in the preceding quarter.

Late last month, it scored a 16.9MW panel order for two PV projects scheduled to go on line southwest of Tokyo by early 2015.