Shanghai Aerospace Automobile Electromechanical Co., a maker of car air conditioners and solar-power components, plans to invest 5 billion yuan ($814 million) to develop solar-power projects.
The board of directors has agreed with the plan to build 500 megawatts of solar farms in Ningdong town in China’s northwestern region of Ningxia, the company said yesterday in a statement to the Shanghai stock exchange. The investment is subject to shareholder approval.
Shanghai Aerospace said last month that it has invested and built more than 200 megawatts of solar farms in Gansu and Ningxia.
— With assistance by Feifei Shen