Solarvest has terminated its MOU between its Taiwan operation and Hsinjing Holding Corporate Limited after identifying a 51%-owned subsidiary of the company, Xu Guang Corporate Limited as the new special purpose vehicle.
With this Solarvest (Taiwan) will acquire 3,920,000 shares of Xu Guang from Long Benefit Investment Co Ltd representing 49% of entire equity interest in the company.
Solarvest signed an MOU in October 2021, with HSINJING to jointly incorporate an SPV to jointly develop solar projects in Taiwan for the capacity of around 500MW by the end of 2025. Both parties have agreed that the purpose of the MOU is deemed satisfied through the acquisition of 49% equity interest of Xu Guang which Solarvest paid RM587,808.
Currently, Xu Guang has few solar projects with a total capacity of around 1MW in the development stage.
