Friday, November 20, 2009

BVI-based CTDC acquires majority stock of solar power plant business

China Technology Development Group Corporation, an integrated clean energy company headquartered in China and registered in the British Virgin Islands, entered into a Stock Purchase Agreement with China Technology Solar Power Holdings Limited (CTSPHL Group) and its direct and indirect shareholders to acquire a 51% equity interest and become its major shareholder.

CTSPHL Group, through its wholly-owned subsidiary, is involved in developing a 100MW grid-connected solar power plant project located in Delingha City, Qinghai Province, Northwestern China. The Group has obtained a 25-year operating license for the first phase of the Delingha 100MW Solar Project, consisting of 10MW. Construction on the first phase commenced on 28 September 2009 and is expected to be completed by the end of 2010.

Upon closing the transaction, the BVI company will develop the solar project jointly with CTSPHL Group. CTDC expects that its co-development of the project will help to achieve its goal and to become an integrated solar company with strong capabilities in designing, building and operating solar power plants.