Solar energy company Goldpoly New Energy Holdings has signed agreement with a consortium of power companies led by GD Solar to purchase a portfolio of Chinese solar projects totaling capacity of 400MW.

The consotium also comprises NARI Technology Development, GUODIAN Inner Mongolia New Energy Investment, Poly Solar Technologies, and Forty-eighth Research Institute of China Electronics Technology Group Corp.

Goldpoly executive director-CEO Alan Li said that the company is very pleased to promote the solar application market and the photovoltaic industry’s healthy development alongside photovoltaic enterprises, while also building up a long-term strategic partnership.

As per the agreement, the companies will build the solar projects, for which GD Solar will provide engineering, procurement and construction (EPC) services and will take up 100% ownership in the projects.

Goldpoly will acquire certain projects with proposed generation capacity from GD Solar after the solar power plants are connected to grids and have passed inspections.

"Goldpoly will continue to expand its footprint in the solar power business through these projects and to become one of the world’s leading photovoltaic power plant operators, while striving to achieve the dream of building green homes," added LI.

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GD Solar general manager Xu Zhong said, "With this partnership, we will bring into play to the overall strength and successful experience of our project design, equipment, construction, installation, commissioning and operational capabilities to provide the most reliable quality assurance for the future with Goldpoly and CMNE’s long-term cooperation based on a solid foundation, and also boost the confidence of the entire PV industry."

However, the acquisition is subject to certain conditions including approval from related People’s Republic of China government regulatory requirements; completing construction and having been connected to grids.