Tatung Forever Energy Co (大同永旭能源) plans to sell a 90 percent stake in its special-purpose vehicle, Sheng Yang Energy Co (勝陽能源), to Thailand-based Global Renewable Power 1 Co (GRP1) for NT$1.5 billion (US$52.55 million).
The two firms inked an agreement during a virtual conference on Friday last week, Tatung Forever said on Monday.
Based on the agreement, the solar energy subsidiary of Tatung Co (大同) secured a service contract to help manage Sheng Yang for 20 years, Tatung Forever said in a statement.
GRP1 is 100 percent owned by Global Power Synergy Public Co (GPSC), which is part of the PTT Group.
The Thai government has a stake of more than 50 percent in PTT.
The deal “paves the way for Tatung Forever to build a long-term partnership with GPSC and to jointly vie for future business opportunities in Thailand and overseas solar energy markets,” the statement said.
Established by Tatung Forever in 2015, Sheng Yang has won a project to build solar energy systems with a maximum capacity of 55.77 megawatts, the statement said.
All of the project’s solar energy systems are to be connected to the electrical grid by the second quarter of next year, it said.
About 98 percent of the solar power systems have started generating electricity, Tatung Forever said.
The deal marks the first time that Tatung Forever has sold a special-purpose vehicle and offered services to manage solar power systems.
It plans to use the proceeds for expansion of its solar energy plants, Tatung Forever said.
The transaction is subject to approval by local regulators.
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