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China’s Aiko Solar Will Spend $2.87B to Build Plants in Zhejiang

Bloomberg logoBloomberg 8/9/2020 Bloomberg News
a sunset in the background: Photovoltaic panels stand at the Golmud Solar Park in this aerial photograph taken on the outskirts of Golmud, Qinghai province, China, on Wednesday, July 25, 2018. China has emerged as the global leader in clean power investment after it spent $127 billion in renewable energy last year as it seeks to ease its reliance on coal and reduce smog in cities, according to a report jointly published by the United Nations and Bloomberg New Energy Finance in April. © Bloomberg Photovoltaic panels stand at the Golmud Solar Park in this aerial photograph taken on the outskirts of Golmud, Qinghai province, China, on Wednesday, July 25, 2018. China has emerged as the global leader in clean power investment after it spent $127 billion in renewable energy last year as it seeks to ease its reliance on coal and reduce smog in cities, according to a report jointly published by the United Nations and Bloomberg New Energy Finance in April.

(Bloomberg) --

Shanghai Aiko Solar Energy Co. will invest 20 billion yuan ($2.87 billion) to build photovoltaic cell manufacturing plants in Zhejiang province, according to an agreement between the company and the local government.

The facilities will have total annual capacity of 36 gigawatts and construction will last for seven years, the company said in a filing to Shanghai stock exchange on Sunday. Aiko Solar will fund the investment with its own money and funds raised through various other channels, it said.

a sunset in the background: Photovoltaic panels stand at the Golmud Solar Park in this aerial photograph taken on the outskirts of Golmud, Qinghai province, China, on Wednesday, July 25, 2018. China has emerged as the global leader in clean power investment after it spent $127 billion in renewable energy last year as it seeks to ease its reliance on coal and reduce smog in cities, according to a report jointly published by the United Nations and Bloomberg New Energy Finance in April. © Bloomberg Photovoltaic panels stand at the Golmud Solar Park in this aerial photograph taken on the outskirts of Golmud, Qinghai province, China, on Wednesday, July 25, 2018. China has emerged as the global leader in clean power investment after it spent $127 billion in renewable energy last year as it seeks to ease its reliance on coal and reduce smog in cities, according to a report jointly published by the United Nations and Bloomberg New Energy Finance in April.

The project will help the company meet increasing demand for high-efficiency solar cells. The first phase of construction will start this month and the plants will start producing solar cells in December, the statement says. The first phase will add 10 gigawatts of capacity, it said.

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©2020 Bloomberg L.P.


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