OREANDA-NEWS. July 28, 2014. United Photovoltaics has completed the acquisition of a 20MW solar project in Qinghai province, China.

Under the terms of the agreement United PV will pay around RMB43,000,000 (USD 6.9 million) for the company that owns the project. It will also pay the outstanding engineering, procurement and construction (EPC) charges of RMB 215,000,000 (USD34.7 million) to TBEA.

The EPC fees will be paid in four stages with a deposit of RMB21,500,000 (USD 3.5 million) due within ten days of the deal’s conclusion.

The project was grid-connected before the end of 2013 and has a power purchase agreement in place, both conditions of the deal’s success when terms were first negotiated.