ZNShine Solar signs $680 million PV deal as UK-China bond strengthens

26. June 2014 | Financial & Legal Affairs, Global PV markets, Industry & Suppliers, Markets & Trends | By:  Ian Clover

During the visit of Chinese Premier Li Keqiang to the UK to meet British Prime Minister David Cameron, China's ZNShine Solar secured a $680 million deal with UK's MAP Environmental.

Li Keqiang and David Cameron.

Premier Keqiang's visit to the U.K. saw trade deals of $20 billion agreed, with solar a hot topic between the two nations.

The occasion of Chinese Premier Li Keqiang's visit to the U.K. to meet his British counterpart David Cameron was marked by a series of trade deals between the two nations, including a $680 million solar agreement between ZNShine Solar and MAP Environmental.

ZNShine Solar, a China-based manufacturer of mono- and polycrystalline PV modules, concluded the deal with British renewable energy company MAP Environmental last week, around about the same time the Cameron and Keqiang were shaking hands on trade agreements worth more than $20 billion.

For ZNShine Solar, the agreement will see the two companies collaborate on a series of solar development projects in the U.K., with 400 MW of new PV capacity targeted. The deal was approved by the U.K. government at the British Commonwealth Building in London, and is expected to generate 500 construction and maintenance jobs, as well as 50 new positions in design, administration and operation roles.

The two companies will cooperate in the field of project development and solar module supply, and will also offer turnkey solutions throughout the U.K., which will help cover social housing installations, commercial rooftop arrays and the creation of ground-mounted solar parks in various corners of the country. Both ZNShine Solar and MAP Environmental will commit 50% each of the $680 million development fund over the next two years.

"We are proud to be cooperating with a valuable partner in supporting the U.K.'s commitment to reducing its carbon footprint," said ZNShine Solar's general manager, William Wang. The deal is the largest of its kind in the U.K. to date, and will go some way towards helping the country meet its 2050 carbon emission reduction targets.

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