United Renewable Energy (“URE”, or “the Company”, 3576 TT), announced that its subsidiary, NSP BVI executed its redemption right with regard to its shares of Clean Focus Yield (CFY) as per the Shareholders Agreement with CFY. This deal is worth about NT$1.7 billion, and gain on disposal is about NT$480 million.
URE aggressively develops solar system business worldwide, and URE invested in Clean Focus Group (CFG) in 2016. Under CFG, Clean Focus Renewable (CFR) is responsible for developing and constructing solar projects, and CFY is responsible for owning and operating of the solar projects. CFY owns and operates clean energy projects for customers in the Commercial and Industrial (C&I), community solar, municipal and government segments. CFY owned over 340 sites in 18 states in the United States of America (USA), the projects include Commercial rooftops, utility-scale projects, community solar ground mount, municipal and government solar projects, schools, university and hospital solar projects. Under the leadership of industry veterans, CFY provides clients with comprehensive consultation services in terms of technology, construction, management and financial engineering for the renewable projects. In 2017, CFY was ranked the top 3 developer of commercial solar in USA, with over 200MW in total installed capacity. It is one of the largest C&I portfolios, and those projects produce reliable dividends for investors.
CFG is renowned in the industry for developing, owning and managing many excellent solar projects, and has received notice from professional investment community. Recently, CFY sold over 200MW of solar projects to a well-known large international energy investment fund. The deal included over 300 projects in 15 states, many of which have long term PPAs with Fortune 40 clients. NSP BVI executed its redemption right as per the Shareholders Agreement with CFY, with the deal being worth about NT$1.7 billion, and the gain on disposal being about NT$480. Dr. Hong of URE commented, “This successful deal shows URE possessed the comprehensive ability to develop, construct and sell solar projects all over the world. In the future, CFR (100% owned by URE) will continue to develop commercial and industrial renewable energy projects, and provide investors with reliable growing returns.”
Continuous global warming has led to further dramatic climate change events, which UN has named the greatest threat facing mankind. This causes more financial institutions to increase investment in renewable energy, and URE to aggressively develop solar projects globally. As solar projects can generate expected cash flows for more than 20 years, this type of investment lead to increase in number of solar projects, and can assist in achieving carbon emissions target. URE has over 1.5GW of solar projects contracted and/or under development in the pipeline all over the world, and is the largest global solar system developer in Taiwan. URE’s mission is to provide sustainable and affordable clean energy to every family, while trying to combat climate change and protect our blue planet.