Hong Kong-based China Gogreen Assets Investment has announced that its subsidiary Beijing Jun Yang has agreed with the Xuchang government to develop solar power plants in Henan Province, China.
The company plans to invest CNY720m ($115m) to develop solar the power projects, which will have a total installed capacity of 60MW.
Under the memorandum of understanding signed with the Xuchang government, Beijing Jun Yang will develop and operate the solar power stations on the rooftops of buildings.
China Gogreen said the first phase of the project will be completed in July 2014, while the second phase is slated to be completed in December 2015.
The company plans to fund the solar power projects with internal resources, bank borrowings and a government subsidy from the Golden Sun Demonstration Project (GSDP).
"The future operation and management of the Xuchang Solar PV Power Stations will be undertaken by a local wholly-owned subsidiary of Beijing Jun Yang," noted a China Gogreen release.
As per the agreed terms, the Xuchang government will help the group in obtaining the relevant approvals from the local government authorities and assist in applying for the GSDP.
The Xuchang government will co-ordinate between the local electricity supply authority and power consumers in the city.
Image: China Gogreen Assets Investment plans to fund the solar power projects with internal resources, bank borrowings and government subsidies. Photo: Courtesy of FreeDigitalPhotos.net.