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China-based United Photovoltaics Group (United PV) has acquired 17 solar energy projects in the country with power generation capacity of 930MW from Hareon Solar Technology.

United Photovoltaics Group will pay RMB8.8bn ($1.42bn), and the projects are located across several Chinese provinces including Xinjiang, Hebei, Yunnan, Shanxi and Jiangsu.

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Out of the solar acquisitions, two facilities are in the Yunnan province, including the one in the Jianshui city that has an installed capacity of 172.5MW. The other facility in the province has a generation capacity of 115MW.

"The projects are located across several Chinese provinces including Xinjiang, Hebei, Yunnan, Shanxi and Jiangsu."

United PV chief executive officer Alan LI said: "The acquisition largely raised United PV’s installed capacity and electricity tariff income."

The deal has raised the installed capacity of the firm to 1,712MW from its previous year’s capacity of 572MW, and is claimed to be the largest single solar power plants acquisition in the world.

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United PV has now turned owner for 37 solar projects, which is more than double the number of projects (15) owned by the firm at the end of 2014.

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The company intends to expand its financing channels, for which it had been trying from the start of this year.

It has issued convertible bonds worth around HK$2.7bn ($348.3m) to China Orient Asset Management, Fosun International, Chinastone, China Merchants Fund, China Huarong and BC Capital aiming at joint acquisition of solar power plants.

Image: United PV signs agreement to acquire 17 Chinese solar power projects from Hareon Solar Technology. Photo: courtesy of United Photovoltaics.