China’s Jiangsu Akcome Science and Technology has revealed plans to sell 503.5 MW of solar to Zhejiang Provincial Energy Group (ZPEG), as it struggles to rein in its debts.
The CNY 2.4 billion (US$351.4 million) deal involves the sale of 28 solar projects, as well as plans to jointly invest in ultra-high efficiency heterojunction technologies, according to a statement to the Shenzhen stock exchange.
The portfolio of PV assets includes 479.38 MW of ground-mount capacity at 19 locations, and 23.53 MW of distributed-generation PV at nine sites.
Akcome, a solar manufacturer that also invests in PV projects, will sell controlling stakes in 14 units of group subsidiary, Suzhou Zhongkang Electric Power Development, which owns the 28 projects. It will also sell 100% equity stakes in 12 of those project companies, as well as 99.75% of Xinjiang Juyang Nengyuan Keji, and 70% of Jiuzhou Fangyuan Bole Shixin Nengyuan.
As part of the deal, Akcome has also agreed to jointly invest in ultra-high efficiency heterojunction technologies with Zhejiang Zheneng Electric Power, a subsidiary of Hangzhou-based ZPEG.
Akcome says the transaction will help increase cash flows, while reducing its debts and slashing its financial costs. In August, group subsidiary, Suzhou Akcome Metal Technology revealed that it had supplied ground-mount racking systems for a 246 MW solar project that Kiev-based DTEK Energy Group and state-owned China Machinery Engineering Corp. (CMEC) are building in the Ukraine.
Source PV Magazine