China PV group targets Europe with $10bn bank warchest

Workers work at Asia's first solar thermal tower power station under construction in Yanqing in Beijing, China on Wednesday, June 30, 2010. With an investment of 120 million yuan, the solar thermal tower power plant will achieve grid at the end of this year and has an annual capacity of 2.7 million kwh of electricity, equivalent to eliminating 2,300 tons of carbon dioxide emissions from conventional power plants.(Photo By Liang Baohai/Color China Photo/AP Images)

Chinese banks are supplying $10bn of credit facilities to a local consortium to build and invest in solar plants in Europe.

Hong Kong-based China Technology Development Group Corporation (CTDGC) has signed a framework agreement with solar cell maker Goldpoly New Energy and technology research firm TBEA SunOasis to create a PV investment consortium.

The group says it will offer lower construction and materials costs to developers of solar energy plants in Europe. It also plans to invest in projects itself.

The Hong Kong-listed companies secured financial backing from China Merchants Bank and the state-owned China Development Bank – demonstrating the strong support from Beijing for the country’s fast-growing renewable energy sector.

“Given their…

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