Sky Solar Announces Entry Into China Solar Market
The Company intends to own fully operational solar assets, as well as build and transfer assets to external third parties which are mainly state-owned conglomerates and public companies. The Company has always planned to target selective provinces with large imbalances between power supply and demand, as well as the most attractive financial strength, based on the ability to make timely payments of feed-in-tariffs.
The Company's board of directors approved the establishment of legal and operational entities to enter the China market, and authorized the Company's management team to evaluate acquisition targets to build the operating assets in China. Among the targets under evaluation include solar park and EPC assets owned by private entities controlled by the Company's Chairman, Mr.
Pursuant to the Company's Corporate Governance Guidelines, a majority of the Company's directors, including all of the Company's independent directors, must approve any acquisition of businesses, solar parks or other assets from related parties or independent third parties. All approvals are based on a myriad of factors including but not limited to IRR, technical specifications of the solar project (including sun irradiation hours, components and performance guarantees) and technical, financial and legal due diligence. The Company believes that these strong internal controls ensure that any related-party transaction will occur at a fair market price. In addition, under the Company's Corporate Governance Guidelines, two-thirds of all shareholders must also approve certain purchases from related parties that are individually or in the aggregate over the last twelve months equivalent to 20% or more of the Company's market capitalization.
The Company is also establishing a new business platform, to be named "Sky-Link", for integrating supply-chain and industry data and analysis, and standardizing solar project quality control and monitoring. The Company will use these capabilities internally as well as offer the services to third parties for a fee. The Company is evaluating a potential acquisition of
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The Company is currently pursuing a number of financing alternatives to implement the proposed transactions associated with this strategic initiative.
This 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. Further information regarding these and other risks is included in
CONTACT: For Additional Information: Company:
Matthew YehIR@skysolarholding.com Investor Relations: ICR, LLC Gary Dvorchak, CFA Senior Vice President China: +86 (10) 6583-7500 US: +1 (310) 954-1123 firstname.lastname@example.org