(Yicai Global) Oct. 13 -- Shenzhen Energy Group Co. [SHE:000027] plans to acquire three solar power stations in California with a combined capacity of 664 megawatts for USD232 million.
Shenzhen Energy said yesterday that it will acquire a 100-percent stake in three solar energy companies through its wholly-owned subsidiary in the United States. The firms are actually controlled by Canadian Solar Inc. [NASDAQ:CSIQ], which mainly engages in solar cell production and has manufacturing operations in China.
The three companies own solar energy facilities in southern California’s Rosamond and central California’s Tranquillity and Lemoore. They became operational last year.
Shenzhen Energy will pay USD116 million from its own funds and apply for overseas loans of USD124 million through its American subsidiary to pay for the remainder and relevant transaction expenses.
Shenzhen Energy is expanding its presence in the clean energy business, and the American energy market has strengths such as low policy risks, vast development potential and advanced business models. The company will leverage the acquisition to further tap the North American energy market.