RayGen, China Three Gorges ink MoU for 500-MW CSPV plan

Australian firm RayGen Resources Pty Ltd and China Three Gorges Corp plan to jointly develop and deploy 500 MW of concentrated solar photovoltaic (CSPV) capacity in the Asian country over the next five years.

The memorandum of understanding (MoU) was secured by RayGen’s Chinese joint venture partner Juye Solar. Under the terms of the deal, the company and China Three Gorges New Energy Corp will initially build a CSPV demonstration facility of as much as 30 MW, the first 1-MW phase of which will be put into operation within a year.

Once completed, 500 MW of CSPV plants will be able to generate enough electricity to power some 700,000 Chinese households annually and offset 24 million tonnes of carbon dioxide (CO2) emissions over their lifespan, the developer of the technology calculates. It will yield revenues of about AUD 1 billion (USD 771m/EUR 684m), it noted in a statement on Monday.

The CSPV technology has a record-high conversion efficiency of 40.4%. The first 200-kW pre-commercial pilot CSPV tower was switched on by the Aussie solar product manufacturer in end-March. It is located in the town of Newbridge, Australia’s Victoria state.

(AUD 1.0 = USD 0.771/EUR 0.684)

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