China Merchants New Energy Group Limited has inked a joint venture agreement with state-owned Xinjiang Production and Construction Corps Investment Co which seeks to invest and build a 300MW PV plant in China.
The new joint venture company will be set up in China’s Xinjiang region and will be called PV Power Plant Investment Co. Through this venture, the two companies will invest approximately RMB3 billion (US$488 million) in developing a 300MW PV plant in Xinjiang.
The joint venture follows a cooperative letter of intent signed last year in August with China Merchants New Energy and GCL-Poly. Under this letter of intent, the two companies will invest, develop and construct 973MW PV solar projects in China over a three-year period during 2013-15.