BECE moves forward on 200 MW in China

Following a reassessment of projected construction costs, it plans to invest 1.4 billion yuan ($204.2 million), down from an initial estimate of 1.6 billion yuan.

The project will be installed on roughly 430 hectares of land, from an initial plan of 467 hectares, the company said in a statement to the Hong Kong stock exchange.

The Jinzhai county government finalized the acquisition of the land last week. The company will lease the space for a period of 25 years.

BECE first announced plans to develop the project last June, via Jinzhai Jinye Photovoltaic Technology, an indirect wholly owned subsidiary.

The group posted a profit of HK$71.4 million ($9.2 million) in the first half of 2016, with revenue hitting roughly HK$617.5 million.

Its total installed solar capacity stood at 510 MW by the end of June 2016, with more than 1 GW under development throughout China.

In early January, ReneSola agreed to provide EPC services for 335 MW of rooftop solar projects that BECE plans to finance.

The projects will be completed by the end of June.