Shunfeng to invest $4.1 billion in solar projects

China’s Shunfeng Photovoltaic International is planning to invest some CNY 25 billion ($4.1 billion) to develop its own solar projects this year, according to a report on Thursday by Bloomberg.

Citing comments by Shunfeng Chairman Zhang Yi, the news agency said the company expected to install 3 GW in China this year as part of a plan to build a total of 10 GW of projects through 2016.

In view of the fact that power consumption is rising in China and the government has set a goal of 35 GW of solar capacity by 2015, Zhang said the solar market had "broad prospects," Bloomberg reported.

Shunfeng, which last year agreed to take over insolvent Chinese solar company Wuxi Suntech for $493 million, currently has some 890 MW of PV plants in operation. Most of the new installations will be ground-mounted in northwestern areas including Xinjiang, Qinghai, Gansu and Inner Mongolia.

State broadcaster China Central Television reported on Wednesday that the country was accelerating development of renewable energy in an effort to curb increasing air pollution in the country. China, the world’s biggest producer of CO2 emissions in the world, is planning to add 14 GW of solar power this year compared to 2013’s 10 GW goal, Bloomberg said.