Renewable energy project developer China Merchants New Energy Group (CMNE) has signed a deal with the Chinese city of Xingtai to build 300 MW of solar projects.
CMNE is set to begin construction this year on an initial 100 MW project in the city, located in Chinas Hebei province south of Beijing, the company announced this week.
The company, which did not reveal financial details of the Xingtai enterprise, formed a joint venture earlier this month with Xinjiang Production and Construction Corps Investment Co. to invest CNY 3 billion ($489 million, 378 million) to develop some 300 MW of solar farms in the Xinjiang province in northwestern China by 2015.
Last year CMNE secured CNY 10 billion from the China Development Bank last year to finance solar projects and the group partnered with Chinese polysilicon giant GCL-Poly Energy Holdings to develop some 973 MW of PV facilities in the country.
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