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Chinese hydroelectric dam builder Sinohydro Group has approved plans to construct a 40MW PV facility in the Chinese province of Gansu.
Sinohydro’s board of directors have given the go-ahead to invest RMB443 million (US$71.1 million) in a 40MW PV plant. The project forms part of a larger renewable energy plan to build two wind farms in the country. The company will invest a total of RMB1.36 billion in the three projects.
Sinohydro has also revealed that it is considering investing an additional RMB1.2 billion to establish a finance arm in order to strengthen the company’s capital management and broaden its financing channels.