United PV Lowers Solar-Farm Acquisition Target Amid Competition

United Photovoltaics Group Ltd., a Chinese solar-farm operator, reduced its target for acquiring projects this year because of stiffer competition for projects and a slower negotiation process.

The company originally planned to spend 10 billion yuan ($1.63 billion) to buy 1,000 megawatts of solar capacity and now says it may buy as little as 500 megawatts. “New players entering the industry” have intensified competition, Stephan Yao, a spokesman for the company, said on a conference call today.

China may increase total solar installations by about 65 percent this year, the London-based research group Bloomberg New Energy Finance estimates. The industry has attracted new entrants such as real estate company Evergrande Group.

United PV’s project operation and acquisition will focus on the northwest and Jiangsu, Shandong and Hebei provinces of China, chief project officer Zou Deyu said on the call.

The Shenzhen-based company along with its associates and units had a 32 percent increase in electricity generation from solar power plants in the third quarter compared with a quarter earlier, reaching a total of 191,915 megawatt-hours.

— With assistance by Feifei Shen

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