Hong Kong-based downstream solar developer United PV has announced this week that Huaxia Life a leading provider of life insurance in China has agreed to partner on a RMB9 billion ($1.45 billion) solar PV development plan over the next two years.
The project will add more than 1 GW of solar PV capacity to China between now and 2017, and marks yet another top-level collaboration for United PV, which recently partnered with Hareon to develop 930 MW of solar PV in the country.
United PV earlier this month announced its intention to develop 1 GW of solar projects across China, and had pledged to invest a further $1.5 billion to realize this goal. Huaxia Lifes investment in the RMB9 billion insurance fund will help to pave the way for further downstream development, the company said.
"This cooperation marks the injection of Chinese insurance funds into the solar industry, fulfilling the strategic plan of the State Council," said United PV executive director Lu Zhenwei. "We look forward to welcoming new opportunities ahead through various collaborations."
United PVs current solar PV portfolio in China amounts to more than 1.7 GW, and the company recently offered its support to beleaguered solar module manufacturer Yingli Solar after it published an SEC filing detailing concerns over its mounting debt levels.