Big solar power plant planned for northwest China

LOS ANGELES (Reuters) – Two Chinese companies on Friday announced plans to build a solar power plant in northwestern China that could one day be the largest photovoltaic solar project in the world.

The news helped spur a rally in shares of solar power companies that was also underpinned by higher oil prices and a strong rise the broader market.

China Technology Development Group Corp and privately held Qinghai New Energy Group will begin building a 30 megawatt solar power station in China’s Qaidam Basin this year with an initial investment of $150 million, they said in a joint statement.

The project, which will combine thin-film and traditional silicon-based technologies that turn the sun’s rays into electricity, ultimately will produce 1 gigawatt of power, the companies said, without giving a timeframe.

Reuters