NSP Subsidiary Completes Development of 225 MW Solar Projects in the United States with Total Investment of US$ 435 Million Marks New Milestone for Taiwan Solar Industry
Aug 14th, 2017
Neo Solar Power Corporation ("NSP", or "the Company", publicly listed on the Taiwan Stock Exchange, Ticker: 3576 TT), a world-class integrated PV solution provider with expertise in high efficiency products and global solar system development, announced today that its solar IPP company, Clean Focus Yield Limited (‟CFY"), has completed development of Greenskies project, a portfolio of 225 MW commercial and industrial solar projects.
The deal closing of this project marks a major milestone for CFY. The Greenskies portfolio comprises mostly rooftop and some ground-mount projects with investment-grade commercial and municipal offtakers in the United States. Combined with previously acquired projects, CFY has reached 280 MW of projects (including operational, under construction, and contractual backlog). CFY also secured another 165 MW of projects out of a 350 MW project pipeline by GRE, the original developer of the Greenskies portfolio. In addition, CFY receives right-of-first-refusal on all future GRE projects. CFY will continue to penetrate and strengthen US market development, as well as the global market to support NSP global solar project business. CFY plans to list on the Hong Kong Stock Exchange and if the plan goes as originally scheduled, CFY will begin IPO preparations by the end of 2017 with an IPO projected as early as Q4 2018.
Once all 225MW of this Greenskies project goes on COD, it is expected to contribute electricity revenue of nearly US$ 33 million each year, and to ensure that NSP and other CFY investors will receive long-term, steady dividends as well as growth momentum. In the future, NSP will not only earn profit from the development, construction, and sale of global solar projects, but also it will receive distributions and potential capital gains from CFY. This deal enhances NSP financial & operating capabilities and expedites the transformation of NSP from a solar cell manufacturer to a vertically-integrated full service solar company with advanced cell and panel production, project development and construction, and portfolio management.
About Neo Solar Power Corporation (3576 TT) (NSP)
Founded in 2005 by Dr. Quincy Lin (former Senior VP of TSMC) and Dr. Sam Hong (former Director of ITRI Research Division), Neo Solar Power Corporation (NSP) is a leading manufacturer of high performance and high quality solar cells and modules. With core competitive advantages in quality, technology and customer service, NSP became the world's largest merchant solar cell manufacturer by volume in 2013. After selling DelSolar to NSP, Delta Electronics (2308, TT) became the biggest shareholder of NSP with a 16% holding. Leveraging current leading position in solar cell technology, NSP further expands into the global solar systems businesses, aiming to become the leading solar system integrator in the world. For more information, please visit the company's website at www.nsp.com
For further information, please contact:
Ms. Shirley Chen
Investor Relations Dept.
Phone: +886-3-578-0011 ext. 20626
14/08/2017 Dissemination of a Marketing Press Release, transmitted by EQS Group.
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