- Plans intended to quadruple photovoltaic capacity by 2020
- Acquisitions sought to increase capacity in future years
Minsheng New Energy Investment Co., a unit of China’s biggest private investment group, plans to invest 100 billion yuan ($15.4 billion) in the next five years to quadruple developments of its photovoltaic power stations.
The energy unit of China Minsheng Investment Corp. plans to boost photovoltaic generation capacity to 12 gigawatts by 2020, President Han Qinghao told reporters on Thursday in Hong Kong. The company has already invested 12 billion yuan in about 20 projects, increasing capacity to 1.4 gigawatts last year. It plans to almost double its investment to 3 gigawatts by the end of this year.
Minsheng New Energy is expanding in a fragmented capital-intensive industry, with small private operators lacking the scale and technology. The company, with an initial registered capital of 8 billion yuan, already had about 10 percent of the photovoltaic market by end of last year, the fastest-growing in China.
Established in October 2014, Minsheng New Energy plans to add about 1.5 gigawatts to 2 gigawatts of photovoltaic capacity a year, and will bolster production through acquisitions, Han said, without elaborating.
The company plans to increase its total new energy capacity to 20 gigawatts by 2020, including the 12 gigawatts of solar energy, Han said.
The company’s parent, China Minsheng Investment, claims to have 50 billion yuan of registered capital.