The Chinese city of Xingtai and China Merchants New Energy Group signed a deal to develop 300 MW of solar projects in home market.
China Merchants New Energy Group (CMNE), a renewable energy project developer is going to build this year a third of the initial project, meaning 100 MW of solar project will be located in China’s Hebei province south of Beijing, as the company spokesman announced during this week.
The representatives of the company also said they will not give information regarding the financial details of Xingtai enterprise. Despite this, the company allied with Xinjiang Production and Construction Corps Investment Co. so that they could develop 300 MW of solar projects in the Xinjiang province in northwestern China by 2015 with a total investment of invest CNY 3 billion ($489 million, €378 million).
Moreover, in the past year CMNE invested CNY 10 billion in solar projects. The money came from China Development Bank. This was also a joint venture with with Chinese polysilicon giant GCL-Poly Energy Holdings with whom they would produce 973 MW of PV facilities.
Last year CMNE secured CNY 10 billion from the China Development Bank to finance solar projects and the group partnered with Chinese polysilicon giant GCL-Poly Energy Holdings to develop some 973 MW of PV facilities in the country.
Roxana Moraru