Unisun Energy has brought in French solar energy firm Engie as a 30% shareholder. Engie made its 30% equity investment through a capital increase in Unisun, which was signed in Shanghai on April 18.

As part of the deal, Engie will be appointing a director to the board of Unisun, as well as dispatching a senior executive to participate in the daily operations of Unisun.

Unisun Energy Group is one of largest distributed power plant investors and clean power suppliers in China, focusing on the development, investment, design, and operation and maintenance of distributed photovoltaic power stations. It has around 500MW of projects throughout mainland China, and has a target of 4GW of photovoltaic capacity in China by 2030.

Unisun 6MV roof in Shandong Province. Photo courtesy of Unisun-energy.com

Engie is currently active in the solar business through its subsidiaries Compagnie du Vent, Solairedirect, Engie Green and La Compagnie Nationale du Rhône, and is developing projects in countries including India, Indonesia and Saudi Arabia. Engie itself aims at installing approximately 2.2GW in solar photovoltaic by 2021.

“As a global leader in energy conversion, we are glad to be able to contribute to the development of China’s renewable energy industry, as well as China’s conversion to a low carbon emission economy,” says Charlotte Roule, Engie China’s chief operating officer.

“Moreover, having witnessed the efforts of the Chinese government in developing solar and other renewable energy sources through making structural reforms to the economy, Engie is convinced of the large developmental potentials and opportunities of the Chinese market.”

In March Engie sold its second green bond, a dual-tranche deal comprising 700 million euros of seven-year bonds and 800 million euros-worth of eleven-year bonds. The proceeds will be used to finance renewable energy projects such as wind and solar farms, hydroelectric plants, energy efficiency projects and natural resources preservation projects.