Yingli Green Energy will sell more than 300MW of solar power plants in China to United Photovoltaic Group (United PV), after the two companies signed a framework agreement. The news was announced by Yingli Green this morning.

The plants will change hands between this year and 2016 from Yingli China to United PV. They will be developed and constructed by Yingli China-owned subsidiary project companies, which will retain 100% equity of the projects. Under the framework agreement, ownership of the project companies and plants will be transferred to United PV once grid-connection is achieved and other criteria fulfilled.

The power plants will be built in regions of China including Hebei, Guangxi, Shanxi and Shandong. Although the total capacity will exceed 300MW, according to Yingli, exact figures have not been disclosed. Financial terms of the deal have also not been revealed.

Last week Yingli Green was forced to lower module shipment guidance for the first quarter of 2014, citing delays in obtaining construction approvals for PV projects planned in Algeria as the reason. At the end of March the company said it is targeting over 4GW of module shipments this year.

Hong Kong Stock Exchange-listed United PV was previously known as Goldpoly until shareholders approved a name change in January. The company has acquired several hundred megawatts of PV plants in China over the past few months.