On November 20, Xinyi Solar Energy and its holding company Xinyi Energy jointly announced that they would sell 51% of Xinyi Solar Energy (Tianjin) to Tianjin Binhai Construction and Investment New Energy for 515 million yuan. Upon completion of the transaction, Xinyi Solar (Tianjin) will cease to be a subsidiary of Xinyi Energy and Xinyi Solar, and the remaining 49% equity interest held by Xinyi Energy will be accounted for using the equity method. Xinyi Solar Energy (Tianjin),
the target company, is mainly responsible for the operation of photovoltaic power stations in Huanggang District of Tianjin, with an approved capacity of 174 MW.
For the sale, Xinyi Energy Group pointed out in the announcement that this can not only realize part of the existing investment for future investment opportunities, but also contribute to the continuous operation of the photovoltaic power station in Huanggang District of Tianjin in the same location.
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