Kelin Environmental Protection to Set Up Photovoltaic Power Company and Buy Power Plant Builder

Yicai

2016-12-13

(Yicai Global) Dec. 13 -- Kelin Environmental Protection Equipment Inc. [SHE:002499], a dust-cleaning equipment producer, said it will construct and operate photovoltaic power plants via acquisitions and other means.

The company said today it will invest CNY50 million (USD7.5 million) to set up a wholly-owned subsidiary engaging in operating and maintaining photovoltaic power plants. It will also spend CNY10 million to take over an engineering design company qualified to build power plants.

Setting up a wholly-owned subsidiary focusing on energy management, operation and maintenance will ease its entry into new businesses in the green sector and create new sources of profit growth, the Suzhou, Jiangsu province-based company said.

The firm will also acquire all the equity of Sichuan Jida Electric Power Engineering Design Co., which has a grade-three qualification for electric power general construction, from two individuals for CNY10 million. It will be eligible to build power plants under an engineering, procurement and construction (EPC) model upon completion of the acquisition.