State-owned China Merchants New Energy Group (CMNEG) has extended its stake in United Photovoltaics, formerly Goldpoly.
United has been behind a spate of PV project purchases in the past year as it expands its reach in the country’s thriving utility-scale market. It's interim report in 2013 estimated that it had 2.2GW of capacity under ownership.
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CMNEG was already the largest shareholder in the company and has purchased more than 13.6 million additional shares to its existing holding of more than 467 million (according to the 2013 Interim Report). In a statement released to the Honk Kong Stock Exchange, United said CMNEG may further extend its ownership.
The downstream PV business in China is thought to be offering returns of 10-20% at present.
A 14GW cap on projects eligible for the feed-in tariff will limit the sectors growth this year. Eight gigawatts of the quota is set aside for utility-scale projects.
United also announced the acquisition of an 89.7839% stake in Guodian Tuoketuo County Solar Power Company Limited, a project company of the Forty-eight Research Institute. The subsidiary owns a 40MW PV plant in Inner Mongolia.