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Suntech Power Holdings Co. Ltd. has recently entered into a strategic agreement with China Huadian New Energy Development Co. Ltd. (HNE) to develop a total of 500 megawatts (MW) of utility-scale and commercial roof-top solar projects in Jiangsu and Shanghai provinces over the next three years.
"We are confident that solar energy will play a significant role to help China achieve its renewable energy goals and mitigate the effects of climate change."
-- Dr. Zhengrong Shi, Chairman and CEO, Suntech
Under the agreement, HNE will be responsible for the project investment and development of solar projects and Suntech will be responsible for supplying crystalline silicon solar modules, system design and technical support. Separate project-specific agreements will be signed prior to the implementation of solar projects related to this agreement.
"China Huadian New Energy Development Company already has an impressive portfolio of renewable energy power plants and we are excited to collaborate with them to expand the adoption of solar energy in China. We are confident that solar energy will play a significant role to help China achieve its renewable energy goals and mitigate the effects of climate change,” said Dr. Zhengrong Shi, Suntech's chairman and CEO.
In related news, Reuters is reporting that China's Ministry of Finance said the government will subsidize as much as 50% of investment in solar projects including transmission and distribution for at least 500 MW of solar over the next three years.
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