A unit of the Chinese solar investment and development group will acquire a 100% equity interest in China New Energy Holdings, as part of a complex deal involving solar, wind and hydropower assets.Panda Green Power, a direct wholly owned subsidiary of United Photovoltaics, will buy the stake in China New Energy from Asia Pacific Energy and Infrastructure Investment for HK$1.2 billion ($154.1 million). The group will also issue 559,701,493 consideration shares at HK$1.072 per share as part of the agreement, according to a statement to the Hong Kong stock exchange. The consideration shares represent about 7.42% of United PV's issued share capital, and will be sold at a discount of roughly 9% to the average closing price of HK$1.178 per share in the five consecutive trading days prior to the announcement of the deal.
The transaction will involve a complex restructuring effort, under which China New Energy will buy a 75% stake in renewables investor Tibet Zangneng via its Tibet Shunji New Energy unit. Tibet Zangneng will then take a 90% equity interest in Batangxian Xihe Hydropower, which owns ...Den vollständigen Artikel lesen ...