Concord New Energy's (HKG:0182) wholly owned subsidiary Tianjin Huaxing agreed to purchase photovoltaic power equipment worth about 197.9 million yuan for a 120MW solar project in Jiangsu province, according to a May 8 Hong Kong bourse filing.

Shares of the renewable energy company were down over 1% in Monday morning trade.

Tianjin Huaxing entered into the purchase contract with China Construction Eighth Bureau Development Construction for photovoltaic modules, inverters, mounting structures, and other electrical equipment for the Huai'an project.

The equipment is expected to be delivered before the end of October, with the purchase to be financed through internal resources and/or borrowings, the filing said.