United PV acquired the 100 MW solar PV plant for RMB 850 million (around $134 million) from Hubei Jingtai, which has now become a subsidiary of United PV. The acquisition agreement was eneterd into with Hubei Qixing Auto-Body Company Limited in July.
The solar project is said to be the largest of its kind in both in Hubei Province, and central China. It was grid connected in Q2 of this year and is benefitting from Chinas FIT.
Overall, United PV says it is in the process of acquiring 45 solar PV plants in its domestic market worth around 2 GW. Earlier this month, it announced its intention to use crowdfunding to raise capital following the recent Chinese stock market plunge.
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