Sheen Tai plans 200-MW solar park in China’ Xinjiang

Chinese firm Sheen Tai Holdings Group Co Ltd (HKG:1335) said Saturday it plans to add 200 MW of photovoltaic (PV) capacity in Xinjiang Uygur autonomous region.

To that end, the investment holding company’s fully-owned subsidiary Hami Sheentai New Energy Power Co Ltd signed a framework agreement with Liu Shu Quan Farm of the 13th division of the Xinjiang Production and Construction Corps on May 23. The solar farm is estimated to require a total investment of about CNY 1.8 billion (USD 290m/EUR 265m), according to a statement on the Hong Kong Stock Exchange.

As part of the deal, Liu Shu Quan Farm will ensure that the PV project falls under its preferential policies for investment and capital promotion and will also secure the approval of the relevant government authority for the construction preparatory works. It may also conduct safety, environmental protection and prevention of occupational diseases monitoring at the site.

In the meantime, Sheen Tai will set up a project company, which will be able to adjust the construction scale of the plant after a formal investment agreement has been signed. This is expected to happen within 30 days.

In April, Sheen Tai unveiled a solar partnership with local electrical equipment maker TBEA Co Ltd (SHA:600089) aimed at building at least 1 GW of solar plants in China in three years.

(CNY 1.0 = USD 0.161/EUR 0.147)

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