Chint Solar Europe (“Chint”) through its subsidiary Chint Solar Hungary Projects sold five solar PV projects in Hungary which will be constructed from the second quarter of 2023 and expect to be commissioned in 2024. The acquirer which has been identified in a structured bidding process led by Capcora is Shanghai Electric Power (“SEP”), a company listed on the Shanghai Stock Exchange and owned by State Power Investment Corporation Limited (“SPIC”). Capcora, a German consulting company, acted as the exclusive sell-side M&A advisor to Chint. Signing and closing of the purchase agreement took place in December 2022.
Comprising of five individual ground-mounted solar parks, the photovoltaic portfolio is located in Northern Hungary and boasts a total capacity of nearly 200 MWp, with each project ranging in size from 29 to 51 MWp. The portfolio is set to be fully commissioned by 2024.
The sale of the portfolio was completed under a turnkey delivery scheme, with both parties agreeing to keep the purchase price confidential.
Oliver Schweininger, Managing Director/CEO of Chint Solar Europe: “With an installed capacity of 200 megawatts it is expected to make a significant contribution to the renewal and decarbonization of Hungary’s energy sector, and we are delighted to entrust it to a renowned player like Shanghai Electric Power.”
“We are thrilled to have assisted Chint in successfully selling this landmark solar PV portfolio to Shanghai Electric Power. This deal not only represents a significant step towards Hungary’s energy sector decarbonization but also highlights the attractiveness of unsubsidized solar projects in the region. We look forward to continuing our relationship with Chint and Shanghai Electric Power in future transactions.”, Jochen Magerfleisch, Managing Partner at Capcora.
On the legal side Shanghai Electric was advised by Schoenherr, while Chint was supported by Kinstellar in the transaction, with Capcora as their M&A advisor.
About Chint Solar
CHINT was founded in 1984 and is a leading global provider of smart energy solutions with an extensive business network across over 140 countries with more than 40,000 employees and an annual sales revenue of over USD 18.5 billion.
In 2006 Chint Solar was established and is listed at the stock exchange market as one of the top renewable energy companies. Chint Solar has become a key player in the solar industry with more than 8,000 employees. Besides specializing in crystalline module manufacturing, Chint Solar is also a leading global downstream project developer being active in project development, financing, realization and operation of solar parks. With over 10.5 GWp completed utility and C&I projects in different regions, Chint Solar has built a significant track record. Chint Solar keeps 11.5 GWp solar projects (including residential) around the world on its balance sheet, which makes it one of the largest independent renewable power producers. In 2016, Chint Solar formed a dedicated European project development team and is active in project development in Germany, Netherlands, Spain, Portugal, Italy, France, Hungary and the United Kingdom.
www.chintsolar.com
About Shanghai Electric Power
Shanghai Electric Power Co. Ltd. (“SEP”), a publicly-traded company listed on Shanghai Stock Exchange under ticker 600021, is principally engaged in the generation and transmission of electricity and thermal power, as well as its operation and maintenance business in energy service sector and utility (including power distribution) business in the overseas market. State Power Investment Corporation (“SPIC”), one of China’s Big Five state-owned power generation groups, is the parent company of SEP. It is an integrated and comprehensive energy group with core business in electric power sector.
As a conventional power company with a history of devoting itself to power generation, transmission, distribution, sale and service in the Shanghai region for over 130 years, SEP targets to become a leading integrated energy enterprise providing in the global market. SEP is also committed to developing renewable energy, optimizing generation mix, and expanding into overseas markets gradually.
www.shanghaipower.com
About Capcora
Capcora is an independent financial advisory boutique specializing in M&A and project finance services to accelerate the energy transition in Europe. Founded in 2015, the Frankfurt-based company helps its clients succeed in the renewable energy and infrastructure sectors by advising them on sell-side and buy-side transactions, and by raising mezzanine, unitranche or senior debt.
www.capcora.com
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