Hareon Solar Plans $1.6 Billion of Solar Farms in Inner Mongolia

Hareon Solar Technology Co. (600401), a Chinese maker of solar panels, plans to invest 10 billion yuan ($1.6 billion) in 1 gigawatt of solar power projects in China’s northern province of Inner Mongolia.

The developments will be in the Alashan region 1,200 kilometers (746 miles) west of Beijing where the local government has signed a letter of intent, Hareon said yesterday in a statement to the Shanghai stock exchange.

Construction of the first 100 megawatts, costing 1 billion yuan, is expected to be completed next year, the Jiangyin, Jiangsu-based company said.

To contact Bloomberg News staff for this story: Feifei Shen in Beijing at fshen11@bloomberg.net

To contact the editor responsible for this story: Reed Landberg at landberg@bloomberg.net

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