China Windpower Group Ltd., China Development Bank Corp. and China Asset Management Co., Ltd. agreed to invest in solar power as the nation that’s seeking to limit pollution doubled targets for new projects.
They will set up a joint venture to invest in solar projects at home and abroad, China Windpower said today in a statement. The Hong Kong-based company will own 45 percent while units of China Development Bank and China Asset Management will hold the remaining shares.
China Windpower is boosting its solar business after the country set a target to add 10 gigawatts of new solar projects this year, more than double a previous goal. China is expected to drive annual global solar installations to a record and unseat Germany as the biggest market in 2013 as it seeks to curb coal dependence and social unrest from pollution, according to Bloomberg New Energy Finance.
The accord, signed as a memorandum of understanding, is subject to a formal agreement, according to the filing.