Australian solar company RayGen has signed a Memorandum of Understanding (MoU) with China Three Gorges New Energy Company for the deployment of 500MW of utility-scale concentrated solar photovoltaic (CSPV) modules in the country within next five years.
JuYe Solar, RayGen’s joint venture partner in the country has signed a provisional agreement with China Three Gorges New Energy Company.
After signing a formal deal, the company will start operations of a solar power demonstration facility having capacity up to 30MW.
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At its full capacity, the plants will be capable of powering more than 700,000 homes in China.
According to RayGen, its low cost CSPV technology is 2.5 times more efficient than traditional PV systems which will help boost local production of solar power plants, faster than traditional PV technology in the country.
RayGen Chairman Robert Cart said: "The global energy industry is in the midst of its most dramatic transformation ever.
"The need to fulfil new energy demand requirements, along with the replacement of retired generation assets, will call for an estimated $10tn of investment by 2030 solely on new generation sources.
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By GlobalDataWith the signing of agreement, Regan expects creation of 300 Victorian jobs over the next five years in R&D, high-tech manufacturing sectors.
Image:RayGen’s low cost CSPV technology. Photo: courtesy of RayGen Resources.
