Shanghai Aerospace Automobile Electromechanical Co. (600151), a maker of car air conditioners and solar-power parts, plans to sell wholly-owned Jiayuguan Taike Photovoltaic Power Co. for at least 250 million yuan ($40.6 million).
The company is seeking buyers through an equity exchange for the solar-farm developing unit, according to a statement posted to the Shanghai Stock Exchange today.
The unit is building 100 megawatts of solar plants in China’s northwestern province of Gansu, Shanghai Aerospace said. Construction of 50 megawatts of the projects will be completed by the end of June, with the rest scheduled for year-end.
The unit sale, once completed, will bring a profit of more than 49 million yuan for Shanghai Aerospace, it said.