Pacific Green Technologies Inc (OTCMKTS:PGTK) has bought a Chinese developer of concentrated solar power (CSP) projects, the US-based provider of emission control systems said on Monday.
The Chinese company, Shanghai Engin Digital Technology Co, has developed, designed and engineered three utility-scale CSP plants in China. The facilities include the 100-MW Dunhuang molten salt tower CSP plant, the 50-MW CGN Delingha parabolic trough CSP system and the 10-MW Dunhuang molten salt tower CSP system. It also has a salt water desalination facility in Indonesia.
Pacific Green acquired a 75% stake in the company for a total amount of CNY 76 million (USD 11.4m/EUR 10.4m) from Beijing Shouhang Resources Saving Technology Company Ltd (SHE:002665), including CNY 20 million payable on completion of a number of performance tests. In addition, the company acquired the remaining 25% stake in the Chinese developer from investors Liu Tao and Liang Qi for CNY 2 million and 125,000 new shares in Pacific Green.
The company has also signed an agreement with Shouhang and Power Construction Corporation of China Ltd (SHA:601669) for the development of CSP facilities. Pacific Green and Engin will provide the technical know-how, design and engineering, Shouhang will manufacture the solar field and provide molten salt tank services, while Power China will provide the engineering, procurement and construction services for the projects in China and other countries.
(CNY 1.0 = USD 1.499/EUR 1.363)