Global Round-August 9,2018
1. Brookfield Negotiates with ReneSola for its Distributed Solar Assets in China
ReneSola Ltd, a fully integrated solar project developer and operator, has signed an exclusivity agreement with an affiliate of Brookfield Asset Management. Under the agreement, ReneSola has agreed to negotiate exclusively with Brookfield Asset Management to sell its distributed generation operating solar assets in China.
ReneSola has distributed generation operating solar assets with a total capacity of 206.8 MW in China. The negotiation will take place over a 60-day period.
2. Saudi Arabia’s Zahid Group Acquires 50 Percent Stake in Greencells Group
Zahid Group, a Saudi Arabian conglomerate, through its wholly-owned subsidiary OMAS, an operation and maintenance service provider, has acquired a 50 percent stake in Greencells Group, a utility-scale solar project developer based in Germany.
OMAS and Greencell recently concluded a strategic investment which resulted in the stake acquisition. “This transaction is an inflection point for Greencells. In Zahid Group and OMAS, we have found a highly reputable and strong partner, whose strategic vision and values align well with ours,” said Greencells CEO Andreas Hoffmann.
3. Hanwha Q CELLS Announces Plans to Go Private
Hanwha Q CELLS, a global photovoltaic (PV) manufacturer of solar modules, has received a preliminary non-binding proposal letter from Hanwha Solar Holdings (HSH), a subsidiary of Hanwha Chemical Corporation incorporated in the Republic of Korea.
Under the proposal, HSH will acquire all outstanding shares of HQCL not already owned by it in a “going private” transaction for a cash consideration of $9 per American Depositary Share (ADS), (each ADS represents fifty ordinary shares), or $0.18 per ordinary share.
4. France Approves Solar Projects Worth 720MW in its Latest 3GW Deployment Plan
France has approved 103 large-scale solar projects totalling 720MW in the latest phase of its 3GW deployment plans. The winning bids averaged €58.2/MWh (US$67.5/MWh) a drop of 5% from the previous bidding round held in February which ended with closing bids of €61.6/MWh. More than a third of the awarded capacity is in the northern part of the country.
“All French regions can benefit from the large-scale development of solar photovoltaics,” said Nicolas Hulot, France’s minister for ecology and sustainable development. “The energy transition is now taking place everywhere, in all territories. This is made possible in particular by the increase in volumes and the bonus on the environmental relevance of the site set up in this call for tenders,” he added. The next two auctions will be for 850MW each.
5. GCL-Poly and Shanghai Electric US$2 Billion Polysilicon Business Deal Collapses
Leading polysilicon and solar wafer producer GCL-Poly Energy Holdings has agreed with Shanghai Electric Group to terminate a framework agreement announced in early June, 2018 with Shanghai Electric Group to sell a 51% stake in polysilicon production subsidiary Jiangsu Zhongneng Polysilicon.
GCL-Poly said that after multiple rounds of discussions and negotiations the size and complexity of the transaction meant it was difficult to reach a full agreement on the relevant acquisition terms and plans within a reasonable timeframe.
