United Photovoltaics’ Unit Gets $164 Million Loan for Solar Farm.

http://www.bloomberg.com/news/2014-12-19/united-photovoltaics-to-raise-49-million-for-working-capital.html

A unit of United Photovoltaics Group Ltd. (686) received a 1.02 billion yuan ($164 million) syndicated loan for a solar farm in northwestern China.

China Development Bank Corp. will lend 800 million yuan to the 150-megawatt Qinghai project to be repaid in 14 years, United Photovoltaics said today in an e-mailed statement. Beijing Culture & Technology Financial Leasing Co. and Zhongli Talesun Gonghe New Energy Ltd., will fund the remaining amount for eight years,

Separately, the Chinese solar farm operator plans to raise a net HK$379 million ($49 million) from a stock sale to shareholders to supplement general working capital.

The company will sell 380 million shares at HK$1 apiece to China Merchants New Energy Group, Magicgrand Group Ltd. and Zhongli New Energy (Hong Kong) Investment Ltd., according to a statement to the Hong Kong exchange yesterday.

The sale will represent about 8 percent of United Photovoltaics’ issued share capital once completed. The price is 12 percent higher than yesterday’s close in Hong Kong.