The China Minsheng Investment Groups (CMIP) renewable energy division has said 1 GW of PV demonstration projects in Ningxia province, which had been previously postponed for unspecified reasons, are again moving forward.
CMIP New Energy is collaborating with Ningxias provincial government in driving the project.
The company finished the procurement bidding of PV plant inverters in March, with Shanghai Energy and Huawei winning the order for centralized and string inverters, respectively.
According to a cooperation agreement between CMIP New Energy and the Ningxia government, CMIP will invest CNY 100 billion ($16.1 billion) in five areas, including solar PV plants, in the next three to five years. CMIP said solar PV was one of the most significant areas of its business. The company plans to invest up to CNY 200 billion ($32.2 billion) in solar development across China in the next five years.
CMIP is one of the largest private investment groups in the country with a registered capital of CNY 50 billion ($8.05 billion).