Goldpoly, Petrochina eye 500MW

Goldpoly New Energy and a subsidiary of PetroChina have signed a framework agreement to jointly acquire about 500MW of solar power plants across western China through 2015.

Kunlun Trust, a unit of PetroChina that specialises in investment and financing, will team up with Hong Kong-listed Goldpoly to invest in PV plants in China’s Xinjiang and Inner Mongolia regions.

They will also look at sites in Gansu province, according to a statement by China Merchants New Energy, Goldpoly’s largest shareholder.

Goldpoly will take a 60% interest in the planned projects, while Kunlun Trust will hold the remainder. The two sides did not reveal how much they plan to invest.

Goldpoly has been quite active in buying solar projects in recent months. This autumn, it revealed plans to issue 185m yuan ($30.2m) in convertible bonds to invest in the development, acquisition and management of such assets.

In August, it signed a deal with several developers, including Guodian-owned GD Solar, to purchase 400MW of completed PV capacity.

Goldpoly, which is partly owned by Chinese polysilicon giant GCL-Poly, appears to be particularly interested in PV projects in western China. In September, for example, it connected a 20MW solar installation to the grid in northwest China’s remote Qinghai province.