Chinese solar wafer manufacturer ReneSola has won exclusive rights to develop a $706m, 150MW solar power plant in northern China.

The project, awarded by the Taiyangshan Development Zone near the city of Wuzhong, is now subject to a feasibility study and government approval, writes Reuters.

The company plans to begin work on the four-year project in the Ningxia Hui Autonomous Region in 2010.

A study published this week by some of China’s top climate change advisers recommended setting firm targets to limit greenhouse gas emissions.