Chinese firms Evergrande Real Estate Group (HKG:3333) and Tencent Holdings Ltd (HKG:0700) have agreed to buy a 75% stake in Mascotte Holdings Ltd (HKG:0136), which manufactures solar-grade polysilicon through a unit in Taiwan.

Mascotte announced in a stock exchange filing on Tuesday that property developer Evergrande and Internet service portal Tencent will purchase a combined stake worth a total of HKD 750.7 million (USD 96.8m/EUR 86.4m). The pair will pay HKD 0.0061 apiece.

According to information on Mascotte’s website, the company owns the Sun Materials business, which is engaged in the production of solar-grade polysilicon in Taiwan.

In March 2015, Evergrande told Bloomberg it had abandoned its previously announced CNY-90-billion (USD 14.5bn/EUR 12.96bn) investment in 9.2 GW of Chinese solar capacity, after determining that it was not the right time for a shift to green project development.

The initial plan, unveiled in October last year, envisaged installing 6 GW of solar plant capacity, 200 MW of distributed generation (DG) systems and 3 GW of agricultural PV facilities in Hebei province’s city of Zhangjiakou within three years.