The purchase price for the project was $15m (RMB106m) paid in the form of cash and a seller note, all or a portion of which may be refinanced with non-recourse bank debt from local Chinese banks.
The company had revealed about the execution of the definitive agreement for this acquisition on April 14, 2010. Prior to executing the definitive agreement, the company had entered into a Memorandum of Understanding (MoU) with respect to the acquisition.
The company continues to work towards the consummation of its pending acquisition of a 44MW Xiaopengzu Project, also in Yunnan province, as well as on finalizing acquisitions of additional projects for which the company has entered into MoU.
