Combined PV’s intention to sell its solar cell business focused on photovoltaic power plant operation

Polaris solar PV net news: combined PV Group Limited (United Solar’s largest shareholder is investment new energy group limited “investment new energy”), PV-focused investment in China’s leading operator, announced today that the company has with the Solar Power InvestmentsLimited (“SolarPower”) signed a memorandum of understanding (“MOU”), intended for sale is located in Quanzhou, Fujian’s solar cell manufacturing and sales operations. According to the 2013 annual solar cell business recorded a loss of 123 million dollars.

According to the memorandum, the company intends to sell SolarPower FortuneArena (the “target company”) all the issued share capital of 70% interests, total price of not less than HK $ 210 million Yuan. FortuneArena is a wholly-owned subsidiary of the company, its scope of business is production and sales of solar cells. Asset valuation of the target company will be handed over to the international rating agency, the company must obtain US $ 120 million, maturing in 2016 5.0 PCT has secured by the mortgage holder of convertible bonds before they can enter into a formal agreement. The deal finally will be put to a shareholder vote at the extraordinary general meeting.

Combined PV-Chairman of the Board and Chief Executive Officer of Li Yuan said: “we are convinced that this transaction consistent with the interests of the company and its shareholders. Sell FortuneArena will help increase the company’s liquidity, through the withdrawal of non-core businesses and companies were able to concentrate their resources further focuses on acquisition and operation of photovoltaic power plant business. At present, the 531.7MW runs fine on-grid PV power station owned by the company, financing and mergers and acquisitions is progressing, while the world’s first mobile real-time monitoring photovoltaic power plant is performing App’ split ‘, is full to create a professional photovoltaic power plant operation platform, PV business is expected to be a long-term steady gains for the company. ”

Original title: combined PV’s intention to sell its solar cell business focused on photovoltaic power plant operation

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