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Poly Xiexin signs Cooperation Agreement with China Huaneng Group will acquire 51% controlling stake in Xiexin New Energy
Jun 5,2019 15:27CST
translation
Source:SMM
On the evening of June 4, Poly Xiexin Energy and Xiexin New Energy issued a joint announcement saying that on June 3, Jetai Global Limited, a wholly owned subsidiary of Poly Xiexin Energy, has entered into a cooperation intention agreement with China Huaneng Group Hong Kong Limited, a subsidiary of China Huaneng Group Limited (Huaneng Group).
The content below was translated by Tencent automatically for reference.

SMM6, 5 June: on the evening of June 4, Poly Xiexin Energy and Xiexin New Energy issued a joint announcement saying that on June 3, Jetai Global Limited, a wholly owned subsidiary of Poly Xiexin Energy, has entered into a cooperation intention agreement with China Huaneng Group Hong Kong Limited, a subsidiary of China Huaneng Group Limited (Huaneng Group).

According to the announcement, the agreement concerns the possible sale of about 9.728 billion common shares in Xiexin New Energy, equivalent to about 51 per cent of the total issued share capital of Xiexin New Energy.

If the above cooperation agreement is reached, it means that the listed platform of the photovoltaic power station owned by Xiexin Group, the largest new energy private enterprise in China, will be officially changed ownership, and will be taken over by Huaneng Group, one of the five largest power generation groups in China.

Public information shows that as of the end of 2018, Huaneng Group wind power installed 5138MW, photovoltaic installed for 959MW.

Xiexin New Energy is a platform for the development, construction and operation of Xiexin Group, which is mainly engaged in the development, construction and operation of photovoltaic power plants. It was listed on the Hong Kong Stock Exchange in 2014. It has 16 regional branches in China and three regional branches overseas.

It is the second largest photovoltaic power station operator in the world, holding the largest number of photovoltaic power station assets in private enterprises. By the end of 2018, Xiexin New Energy has a total installed capacity of about 7.3 GW at home and abroad, holding 211 power stations around the world.

Poly Xiexin is the largest polysilicon enterprise in the world, with an annual production capacity of 120000 tons in Xuzhou, Jiangsu Province and Zhundong, Xinjiang, and 62000 tons in 2018.

According to the 2018 financial report, by the end of last year, the total domestic installed capacity of Xiexin New Energy reached 7.16GW, but only 1.85GW, or 25.8%, was included in the list of additional financial subsidies for the national renewable energy price.

The "mixed reform" will inject new momentum into the reform of the energy industry under the path of "four revolutions and one cooperation." On the evening of June 4, after a two-day suspension, Poly Xiexin issued an announcement: central power giant China Huaneng may throw out a mixed reform "olive branch"-the acquisition of Poly Xiexin, a leading private photovoltaic company, has a 51% controlling stake in its Xiexin New Energy. People in the industry pay close attention to this and make positive comments, thinking that the joint strategy of the two giants will provide a blueprint for the energy sector to expand the new path of mixed reform.

"the cooperation between Huaneng Group and Poly Xiexin is essentially based on the high complementarity of the strategic needs of the two sides, and the effect is bound to be a multiplier effect," industry stakeholders told reporters. As a large-scale power generation enterprise that brings together thermal power, hydropower, nuclear power, new energy, gas and electricity, coal, finance, science and technology, logistics, and other industries, the competition in the electricity market is more fierce, and the task of reforming, developing, and stabilizing state-owned enterprises is arduous and onerous. Power generation enterprises have entered the key stage of the continuous transformation of new and old kinetic energy, and their every move is quite representative of the sample color of the transformation and upgrading of energy central enterprises and deepening the reform path.

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