- Beijing Enterprises Clean Energy Group acquires equity of Yulin Century Concord Solar Power, which owns a 100 MW plant
- Yulin’s owner Century Concord will aim to get electricity rates approved from relevant government authorities for the 100 MW PV Plant that BECE will be acquiring as a result of this deal
- If the electricity rates approved by Century Concord differ from what is in the agreement, the payment amount will be adjusted accordingly
Beijing Enterprises Clean Energy Group (BECE) has acquired the entire equity interest in Yulin Century Concord Solar Power Co., Ltd., which owns a 100 MW PV power plant.
BECE, a company listed on the Hong Kong Stock Exchange, is a specialist in the acquisition, construction and operation of grid connected and ground mounted PV plants, micro-grid and off-grid energy storages along with distributed PV plants.
BECE acquired Yulin Century through its wholly owned subsidiary Tainjin Clean Energy Investment Company Limited. The price for Yulin Century is 321 RMB million ($46 million) to be paid in three tranches to its parent company Century Concord Wind Power Investment Co., Ltd.
The 100 MW plant, which was built in two phases, is located in Xiaohao Tu Xiang in the city of Yulin in Shaanxi province. As per the agreement, Century Concord will be responsible to obtain electricity price approvals from government authorities by Sept. 30, 2017. For Phase I, it will try to get approval for a tariff of 0.95 RMB per kWh ($0.14), and for Phase II, it targets a tariff of 0.88 RMB per kWh ($0.13). Final payment by BECE will differ depending on the electricity tariff secured by Concord.