Ping An energy fund invests $160m in United Photovoltaics

According to a regulatory filing, Chinastone will subscribe to the bonds - which have a three-year tenor and a coupon of 7.5% - at a conversion price of HK$1.03 per share through its Taoshi energy Investment Fund. 

Shanghai-based Chinastone, which manages about RMB10 billion ($1.6 billion) in assets, is a joint venture set up by Ping An and Hong Kong-based investment firm San Shan in 2010. 

The proceeds will be used to acquire a 300 megawatt solar power plant project in China. Separately, United Photovoltaics raised $30 million from China Orient Asset Management via convertible bonds to fund an additional 50 MW solar power plant.

The Hong Kong-listed company recorded a net profit of HK$392 million in the first half of 2014 compared to a loss of HK$912.7 loss a year earlier. Revenue grew to HK$238 million in the first six months last year from HK$157 million the same period in 2013.

As of June, United Photovoltaics operated 13 solar power plants covering covering the provinces and regions of Guangdong, Fujian, Gansu, Jiangsu, Qinghai and Inner Mongolia, with an aggregate installed capacity of 467 MW.

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