LongiTech buys Guangshuo New Energy for $16.7 million
LongiTech Smart Energy — an operator of smart energy cloud platforms, based in Gaobeidian, Hebei province — already owns 30 MW of solar capacity at three locations. Last March, it bought a developer with 5 MW of completed PV capacity in Shandong province. A month later, it purchased another developer with 5 MW of capacity in Jiangsu province. It also acquired a majority stake in an additional company that operates 20 MW in Hebei province.
Its most recent acquisition, Guangshuo New Energy, owns and operates 23.51 MW of distributed-generation PV capacity at seven locations. The solar developer was established in 2014. LongiTech says the Guangshuo New Energy deal underscores its growing focus on distributed-generation PV projects.
“The acquisition will further solidify and expand the company’s business of solar energy power stations in (China),” it said in a statement to the Hong Kong stock exchange.
LongiTech’s main business has thus far focused on land development and construction. It recorded a profit of 51.9 million yuan ($7.5 million) in 2016, up sharply from 12.97 million yuan a year earlier. Group revenue soared 87.3% year on year in 2016 to 607.1 million yuan, with revenue from its smart energy and PV business accounting for 41.6 million yuan of the total.
The company recently released the latest version of its cloud-based energy monitoring system and revealed that it had established a data-analysis centre with IBM at an undisclosed location. In 2017, it plans to primarily invest in commercial and industrial rooftop PV projects in the cities of Beijing and Tianjin, as well as Shandong and Jiangsu provinces, according to its annul report.