Chinese solar farm developer and component manufacturer Shunfeng Photovoltaic has said it plans to install 10GW of solar power by 2016 at a cost of RMB24 billion (US$4 billion).
With the backing of Chinese businessman Cheng Kin-ming the company is in the process of shifting its focus downstream. A statement released to the Hong Kong Stock Exchange on 2 January confirmed that it had 890MW of PV plants connected to the grid.
“We aim to add 3GW in each of this year, next year and 2016, so that by the end of 2016 we will have 10 GW,” Zhang Yi, Shunfeng’s chairman told the South China Morning Post.
Shunfeng, which is in the process of finalising a deal to purchase the manufacturing arm of module maker Suntech, told PV Tech last month that it could install as much as 4GW in 2014.
The company plans to use the 2.5GW production capacity of Wuxi Suntech to supply its project pipeline.
Yi told the South China Morning Post that is could achieve returns as high as 15% in its PV projects.