(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.
Friday, January 2, 2009
One gigawatt solar power plant planned for northwest China
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