Hong Kong-based China Gogreen Assets Investment has signed an agreement with the Xuchang government to develop solar PV power stations with an investment of CNY720m ($115m).
As part of the agreement, the company will construct PV plants, which will have a total installed capacity of 60MW, in Xuchang city, Henan province, China.
First phase of 30MW installation is scheduled to complete by July 2014, while construction of the entire project is likely to finish by December 2015.
Following construction, Beijing Jun Yang, a non-wholly owned subsidiary of China Gogreen, will undertake the future operation and management of the Xuchang Solar PV power stations.
The project will be funded by the group with its internal resources and bank borrowings, along with government subsidy under the ‘Golden Sun Demonstration Project’.
The agreement with the Xuchang government is part of the company’s strategy to expand its downstream solar energy business.
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By GlobalDataXuchang government will assist the group in obtaining relevant approvals from the local government authorities in Xuchang city.
China Gogreen is primarily engaged in the development, construction, operation and maintenance of power station projects, money lending business and other asset investments.
