November 29 (SeeNews) - China National Building Material Group Corp (HKG:3323) has won a EUR-200-million (USD 212m) engineering, procurement and construction (EPC) contract for a huge solar farm in Portugal.
The company said it would be the turnkey contractor for the 221-MW Solara 4 Vaqueiros photovoltaic (PV) park, under a deal signed on November 22.
CNBM already has European experience with over 200 MW of solar projects in the UK. This is its first solar job in Portugal, and the Chinese company is now drawing plans to build more than 1 GW in the coming years.
Also last week, CNBM signed a strategic cooperation agreement for green housing projects in the UK.
Non-hydro renewables accounted for 27% of Portugal's power generation in the first 10 months of 2016, but the share of solar parks is for now very small. The good news is that there is interest from developers. In August, the government said it has approved total of 380 MW of solar energy projects in the south, all of which will sell their output at market prices without any subsidies.