China Merchants New Energy Group, a Hong Kong-based renewable-energy project developer, will form a joint venture with Xinjiang Production and Construction Corps Investment Co. to invest 3 billion yuan ($489 million) to develop solar farms.
The plan comes after China Merchants in August agreed to partner with GCL-Poly Energy Holdings Ltd (3800), the biggest maker of polysilicon, to develop about 973 megawatts of solar power projects in China.
China Merchants last year secured as much as 10 billion yuan of financing from China Development Bank Corp. to develop solar farms.
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