PVTIME – China Longyuan Power Group Co., Ltd. (Longyuan Power, 00916.HK), recently announced the acquisition of 100% equity interests in seven PV solar power companies from three investment companies, namely Beijing Dongneng Fund, Beijing Xinyuan No.1 Equity Investment Fund, CHN Energy Low Carbon Fund, through its subsidiary Shanghai Investment Company of Longyuan Power.
The total price of the equity transfers is 679,695,300 yuan (US$94.95 million), with a total photovoltaic project capacity of the target companies of 720MW.
Longyuan Power stated that it is expected to rapidly expand its market share in the new energy industry to maintain its leading position. Longyuan Power plans to increase its revenue and profit from solar power generation while reducing management costs by expanding the scale of PV power generation.
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