Date
18 October 2017

CNPC unit buys stakes in solar power plants, paper says

China National Petroleum Corporation (CNPC) is following the footsteps of China National Offshore Oil Corp. (CNOOC) and China Petroleum and Chemical Corporation (Sinopec) in making forays into the domestic solar power sector, with its subsidiary Kunlun Trust Co. having entered into an agreement with Goldpoly New Energy Holdings Ltd. (0686.HK) this week to acquire stakes in some solar power plants, the National Business Daily reported Thursday. The power plants assets are located in provinces such as Xinjiang, Gansu and Inner Mongolia, and are expected to have aggregate electricity generation capacity of about 500MW between 2013 and 2015. The transactions will be made official once several conditions are met, including those related to regulatory approvals, completion of construction of the principal part of the projects, and financing aspects, the report said.

– Contact HKEJ at [email protected]

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