Hong Kong RE developer to build solar farms

China Merchants to invest US$489 million.

China Merchants New Energy Group, a Hong Kong-based renewable-energy project developer, will form a joint venture with Xinjiang Production and Construction Corporation Investment Company to invest US$489 million to develop solar farms.

The JV will build about solar power plants with a combined capacity of 300 megawatts in China’s western region of Xinjiang by 2015.

In August 2012, China Merchants agreed to partner with GCL-Poly Energy Holdings Ltd, China’s biggest maker of polysilicon, to develop about 973 MW of solar power projects in China.

China Merchants last year secured US$1.6 billion in financing from China Development Bank Corporation to develop solar farms.