China Power International Development Limited - Acquisition of Equity Interests in Three Clean Energy Project Companies

Source Press Release
Company China Power International Development Limited 
Tags Corporate Deals, Deals, Renewable Energy, Power
Date March 28, 2019

This announcement is made by China Power International Development Limited (the “Company”, together with its subsidiaries, the “Group”) on a voluntary basis.

ACQUISITION OF THE TARGET COMPANIES

The board of directors (the “Board”) of the Company is pleased to announce that on 28 March 2019, Wu Ling Power Corporation* (“Wu Ling Power”, a 63%-owned subsidiary of the Company) entered into three share transfer agreements (the “Agreements”) with Henan GCL New Energy Investment Company Limited* and Suzhou GCL New Energy Investment Co., Ltd.* (collectively, the “Sellers”) to acquire 55% of the issued share capital (the “Sale Shares”) in each of Ruzhou GCL Photovoltaic Power Co., Ltd.*, Xin’an GCL Photovoltaic Power Co., Ltd.* and Jiangling County GCL Photovoltaic Power Co., Ltd.* (collectively, the “Target Companies”)

The aggregated consideration for the Sale Shares is RMB246,440,000 (equivalent to approximately HK$286,558,000), subject to adjustments in line with the financials of the Target Companies up to the date of completion of the acquisition (the “Completion”). The consideration (subject to adjustments) is determined based on a comprehensive consideration of the net asset value and financial performance of the Target Companies, the warranties and undertakings given by the Sellers, and as a result of arm’s length negotiation between the Sellers and Wu Ling Power. The consideration will be payable to each of the Sellers by installments according to the conditions to be satisfied and/or agreed by both parties. The Completion is conditional upon the fulfilment and/or waiver (as the case may be) of certain customary conditions precedent. Following the Completion, the Target Companies will become the subsidiaries of Wu Ling Power. Wu Ling Power will finance the acquisition of the Target Companies by its internal resources.

Click here to view the full release.

Source: EvaluateEnergy® ©2019 EvaluateEnergy Ltd