The new definitive agreement provides for the company to acquire 100% of the 19MW Husahe Project for a purchase price of US $15.5M. This acquisition will be financed through cash on hand and a note from the seller which may be refinanced with non-recourse bank debt from a local institution. Back in February, the company had also announced that it had executed a definitive agreement to acquire 100% of the 44MW Xiaopengzu Project, also located in Yunnan province, for a purchase price of US$57M..

The two MoU provide the Company with the exclusive right to acquire: i) a majority interest to 100% control in the Taiyu Projects, a group of seven operating hydroelectric projects aggregating 114.4MW in Fujian province; and ii) 100% of the Minrui Projects, a group of projects in Yunnan province including four operating hydroelectric projects aggregating 66MW, three projects under construction aggregating 125MW, and the development rights to nine projects aggregating 341 MW.

The company has made down payments with respect to the Taiyu and Minrui Project memoranda, which include penalties to the sellers for cancellation. Subject to the satisfactory completion of its due diligence review, the company expects to enter into definitive agreements to acquire and finance these projects in the near term.