[TodayIR] GOLDPOLY NEW EN:Goldpoly and its Shareholder Company
[TodayIR] GOLDPOLY NEW EN:Goldpoly and its Shareholder Company Jointly Acquire Gonghe, Qinghai180MW Solar Power Plants (PRC, Hong Kong, 13Decemeber, 2013) Goldpoly New Energy Holdings Limited (HK stock code: 686, whose largest shareholder is China Merchants New Energy Group "CMNE") announced that, Goldpoly, together with its shareholder company Renewable Energy Trade Board Corporation ("EBOD"), renewable energy trading platform under CMNE, entered into an agreement with ZhongliTalesun for the joint acquisition of 100% equity interest in ChangzhouDinhui New Energy Limited ("Target Company"),ZhongliTalesun's wholly-owned subsidiary. The total capacity of thesolar power plantsamounts to 180 MWlocated in Gonghe, Qinghai Provinceand the total cash consideration of this acquisition is RMB10, 000,000. According to the agreement, Goldpoly acquires 45% equity interestin the Target Company for a total cash consideration of RMB4,500,000, while EBOD acquires the rest of 55%equity interest in the Target Company for a total cash consideration of RMB5,500,000. The Target Company owns solar power plants projects located in Gonghe,Qinghai Province, China with an aggregate solarelectricity generation capacity of approximately180MW ("the Projects"). ThusGoldpoly and EBOD are to jointly own the entire equity interestin the Projects upon completion of the acquisition. The acquisition's fulfillment conditions include approval by the relevant authorities; obtaining all approvals foraccess system connections;completing construction of the principal part of the Projects; possessing technical conditions to connect to grids and fulfillingrelated financial requirements, etc. EPC services of the 180MW solar power plants projects will be provided by ZhongliTalesun. The EPC consideration shall be determined with reference to the actual on-gridelectricity price obtained by the Projects.ZhongliTalesun guarantees and warrants that the electricity generation capacity of theProjects will meet the target set by the Parties for a term of ten years from thedate on which the Projects are connected to the grid and delivered.