August 31 (Solar) – China's Panda Green Energy Group Ltd (HKG:0686) said on Thursday it has closed the acquisition of 70 MW of solar park projects in Inner Mongolia in two deals totalling CNY 99 million (USD 1.6m/EUR 1.4m).
More specifically, the Chinese firm has purchased 100% of solar power generation firm Zhuozi Luyang New Energy Co Ltd, which owns a 20-MW photovoltaic (PV) project in Ulanqab for CNY 17.8 million. In a separate transaction, it has also bought an 80% interest in Chinese company Hangjinhouqi Guodian Photovoltaics Electricity Co Ltd and its 50-MW solar project in Bayannur, paying CNY 81.2 million.
The two entities will operate as subsidiaries of Panda Green, which will also take their liabilities and include their results in its financial reports, the Chinese firm said.
Panda Green has 1,805.8 MW of renewable energy assets in its portfolio, according to the bourse statement.
(CNY 1.0 = USD 0.146/EUR 0.125)