World set to install 593 GW of new solar in 2024 - Ember
Sep 19, 2024 13:28 CESTChinese firm Xinyi Solar Holdings Ltd (HKG:00968) said on Tuesday it plans to spin off its solar power generation business and list its shares on the Hong Kong bourse.
Xinyi Energy Group is involved in the ownership, acquisition and operation of solar parks. It was set up by Xinyi Solar in 2015 and currently owns a portfolio of nine ground-mounted photovoltaic (PV) parks with a combined capacity of 954 MW. In line with the divestment, Xinyi Solar will sell interests in the companies that own 540 MW of the specific PV assets under separate transactions.
Xinyi Energy’s spin-off will be carried out through the proposed initial public offering (IPO). Following the deal the unit will be a non-wholly owned subsidiary of the parent company. Presently, Xinyi Solar owns a 75% stake in the unit.
The spin-off and IPO of Xinyi Energy is subject to a number of factors, such as receiving approval from the bourse and a final decision by Xinyi Solar’s board of directors.
World set to install 593 GW of new solar in 2024 - Ember
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