Chinese solar giant JinkoSolar on Wednesday announced plans to develop a 500 MW PV power plant budgeted at a total of CNY 5 billion ($813 million) in the Chinese city of Lishui, located in Zhejiang Province.
Group subsidiary Jinko Power has signed an agreement with the city’s Economic Development Zone to develop the project.
The plant will be constructed over a five-year period with an annual installation target of 100 MW, of which 60 MW will be distributed and 40 MW ground-mounted.
The first phase of construction will begin in the second half of 2014, with an installation target of 50 MW to be completed by the end of the year.
JinkoSolar said local municipal leaders had pledged their support for the project in order to speed up the construction process and connection to the grid.
"This cooperation agreement demonstrates [the] Lishui City local government’s willingness to upgrade its energy infrastructure and to jointly promote the development of green energy production and consumption with JinkoSolar," the company said.
When completed, the 500 MW power plant will generate approximately 56 million kilowatt hours of power annually.
JinkoSolar Chairman Xiande Li said, "By signing this agreement, we are expanding the scale and scope of our PV project pipeline while improving the environment and contributing to local economic development. China’s National Energy Administration encourages local governments to proactively initiate projects of this nature and engage leading clean energy companies to aid in the process. We hope to set an example by cooperating on the construction of this important project."