Goldpoly and the Huabei Expressway company have purchased a 23.8MW rooftop PV plant in Jiangsu Province.
Huabei, which operates a toll road network, and Goldpoly will each take a 50% stake in the project following the US$73.5 million deal.
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The 60-hectare site includes almost 6,000 agricultural greenhouses and was previously owned by the Suzhou Gong Ye Yuan Qu Zhong Fu Investment Management Company.
“The 23.8MW ecological agriculture PV project facilitates the application of new energy in developing large-scale agriculture,” said Alan Li, executive director and CEO of Goldpoly.
“It therefore maximises the benefits achieved from land resource management and promotes sustainable economic development. Both Huabei Expressway and Goldpoly are responding positively to the policies issued by the State Council on promoting the healthy development of the photovoltaic industry,” added Li.
Electricity from the plant, which is on the roof of a large greenhouse complex, will be sold at RMB2.4 kWh (US$0.39 kWh).
China Merchants Group is the largest shareholder in Goldpoly via China Merchants New Energy (CMNE) and in Huabei through China Merchants Hua Jian Highway Investment.
“Fully aware of the enormous development potential of the photovoltaic industry, the government has devoted great efforts to support the essential part of the new energy sector and promote its application, said Zheng Haijun, secretary of the party committee and deputy general manager of China Merchants Hua Jian Highway Investment and Huabei Expressway chairman.
“As a proactive response to the government policies, the cooperation between Huabei Expressway and Goldpoly on the solar power plant project marks our solid step towards developing a new industry that applies new energy in fostering ecological agriculture,” added Zheng.