Sky Solar Announces its First Distributed Generation Project in China
March 06 2018 - 8:00AM
Sky Solar Holdings, Ltd. (NASDAQ:SKYS) (“Sky Solar” or the
“Company”), a global developer, owner and operator of solar parks,
today announced that it entered into a 25-year Power Purchase
Agreement (“PPA”) with two wholly-owned subsidiaries of Shenzhen
Kaifa Technology Co., Ltd. (SHE:000021) (“Shenzhen Kaifa”), a
Shenzhen-based electronics manufacturing service provider, to
develop a 1.7 MW rooftop solar project in Suzhou, China. This will
be Sky Solar’s first distributed generation project in China.
Pursuant to the PPA, Sky Solar China will be the independent
power producer that develops, owns, and operates the project. Upon
completion, Shenzhen Kaifa will purchase more than 85% of the
electricity generated from the project, with the balance being sold
to the State Grid. The project is anticipated to be completed
before year-end.
Mr. Wen Qian, President of Sky Solar China, commented, “We are
excited to announce our first rooftop solar distributed generation
project in China. This is an attractive opportunity for us, because
the PPA price is locked in for 25 years with a potential unlevered
IRR in the low- to mid-teens.”
Dr. Hao Wu, Chairman of the Board of Directors of Sky Solar,
commented, “This project demonstrates the attractiveness of the
rooftop DG market in China. We are optimistic about our prospects
in China for distributed generation, due to our successful track
record of solar project development and operation on a global
basis. We look forward to finding more attractive opportunities in
China.”
About Sky Solar Holdings, Ltd.Sky
Solar is a global independent power producer (“IPP”) that
develops, owns, and operates solar parks and generates revenue
primarily by selling electricity. Since its inception, Sky
Solar has focused on the downstream solar market and has
developed projects in Asia, South
America, Europe, North America and Africa. The
Company’s broad geographic reach and established presence across
key solar markets are significant differentiators that provide
global opportunities and mitigate country-specific risks. Sky
Solar aims to establish operations in select geographies with
highly attractive solar radiation, regulatory environments, power
pricing, land availability, financial access and overall power
market trends. As a result of its focus on the downstream
photovoltaic segment, Sky Solar is technology agnostic
and is able to customize its solar parks based on local
environmental and regulatory requirements. As of June 30,
2017, the Company owned and operated 136.8 MW of solar parks.
Safe-Harbor StatementThis press release
contains forward-looking statements. These statements constitute
“forward-looking” statements within the meaning of Section 27A
of the Securities Act of 1933, as amended, and Section 21E of
the Securities Exchange Act of 1934, as amended, and as defined in
the U.S. Private Securities Litigation Reform Act of 1995. These
forward-looking statements can be identified by terminology such as
“will,” “expects,” “anticipates,” “future,” “intends,” “plans,”
“believes,” “estimates” and similar statements. Among other things,
the quotations from management in this press release and the
Company’s operations and business outlook contain forward-looking
statements. Such statements involve certain risks and
uncertainties that could cause actual results to differ materially
from those in the forward-looking statements. These risks and
uncertainties include, but are not limited to the following: the
reduction, modification or elimination of government subsidies and
economic incentives; global and local risks related to economic,
regulatory, social and political uncertainties; resources we may
need to familiarize ourselves with the regulatory regimes, business
practices, governmental requirements and industry conditions as we
enter into new markets; our ability to successfully implement our
on-going strategic review to unlock shareholder value; global
liquidity and the availability of additional funding options; the
delay between making significant upfront investments in the
Company’s solar parks and receiving revenue; expansion of the
Company’s business in the U.S. and into China; risk associated
with the Company’s limited operating history, especially with
large-scale IPP solar parks; risk associated with development or
acquisition of additional attractive IPP solar parks to grow the
Company’s project portfolio; and competition. Further information
regarding these and other risks is included in Sky Solar’s filings
with the U.S. Securities and Exchange Commission, including
its annual report on Form 20-F. Except as required by law, the
Company does not undertake any obligation to update any
forward-looking statements, whether as a result of new information,
future events or otherwise.
For investor and media inquiries, please
contact:
Sky Solar: IR@skysolarholdings.com
SKYS Investor Relations:
The Blueshirt GroupUS or Mandarin Ralph Fong +1 (415) 489-2195
ralph@blueshirtgroup.com
China Gary Dvorchak, CFA +86 (138) 1079-1480
gary@blueshirtgroup.com
Sky Solar (NASDAQ:SKYS)
Historical Stock Chart
From Mar 2024 to Apr 2024
Sky Solar (NASDAQ:SKYS)
Historical Stock Chart
From Apr 2023 to Apr 2024