Chinese industrial group Roshow Technology has revealed plans to purchase a 92.3% stake in Shunyu Jieneng Keji, a PV project developer, in a deal valued at CNY 1.5 billion ($218.4 million).
Roshow will facilitate the investment in Shunyu Jieneng Keji by issuing shares to four parties, according to a statement to the Shenzhen stock exchange. Its partners include Oriental Venture Capital, an investment firm under Oriental Assets, a state-owned financial institution with nearly CNY 1 trillion in total assets. The agreement will see Oriental Venture Capital take a 9.73% stake in Zhejiang-based Roshow Technology.
Shunyu Jieneng Keji reported a net profit for the eight months through the end of August, a statement to the Shenzhen stock exchange shows. The company — which builds and operates PV projects throughout northern China, including Beijing and the provinces of Hebei, Shanxi and Liaoning — will become a wholly owned subsidiary of the Roshow group once the transaction has been finalized.
Prior to the acquisition, Roshow Technology held a 7.69% stake in Shunyu Jieneng Keji, which the Chinese-language Securities Daily reports has connected 546.8 MW of solar to the grid. Its operational projects include a 20 MW installation in Tongliao, Inner Mongolia, as well as a 25 MW solar array in Anshan, Liaoning province.
Another company in the Roshow group, Shunyu Agricultural, plans to build 500 MW of PV greenhouses in Hebei and Shanxi within the next two to three years, according to the company’s website.
Source PV Magazine