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Chint Group Plans $3.25 Billion Solar Power Investment in China
2010-08-04 05:29:52.260 GMT
By Bloomberg News
Aug. 4 (Bloomberg New Energy Finance) -- Chint Group plans
solar power investments in China's Gansu province totaling
22 billion yuan ($3.25 billion), said Hu Wanshu, a spokesman for
unit Chint Solar, known as Astronergy.
Chint Group, parent of Shanghai-listed Zhejiang Chint
Electrics Co., agreed to build solar power projects at Lanzhou
with a combined capacity of 1 gigawatt. It will also build a
solar module manufacturing venture in the city with initial
capacity of 200 megawatts, Astronergy said in a statement
distributed by PR Newswire.
Astronergy will operate the Lanzhou projects, Hu said in a
telephone interview.
The Gansu government will help Chint Group secure approval
for the projects under an agreement with the Gansu Development
and Reform Commission, Hangzhou, Zhejiang-province based
Astronergy said in its statement.
China spent $34.6 billion on clean-fuel projects in 2009,
almost double the $18.6 billion investment by the U.S.,
Bloomberg New Energy Finance estimates, as the country seeks to
reduce dependence on oil imports and coal. China installed 160
megawatts of solar capacity last year, a four-fold increase from
a year earlier, and may almost double it again this year to 311
megawatts, according to the research firm.
For Related News and Information:
Most-read alternative energy stories: MNI ALTNRG <GO>
Top renewable energy, environment page: GREEN <GO>
New Energy Finance top news: TNEF <GO>
--Editors: John Viljoen, Alex Devine.
To contact Bloomberg News staff for this story:
Jessica Ng in Beijing at +86-10-6649-7527 or
jng143@bloomberg.net
To contact the editor responsible for this story:
Angus McCrone at +44-20-3216-4795 or
amccrone1@bloomberg.net.
