September 13th, announcement released by Beijing Shouhang IHW Resources Saving Technology Co., Ltd. that the company just signed Cooperation Framework Agreement on Jointly Developing CSP Business with CNNP Liaoning Nuclear Power Co., Ltd. (CNLNPC).
In the announcement posted late night the same day the agreement is signed, Shouhang cites to establish a joint venture with CNLNPC, through which the two companies will invest and develop CSP projects.
On its initial stage, the joint venture plans to develop 500MW CSP projects with an investment of 15 billion CNY (about 2.3 billion USD) financed by the two parent companies. These CSP projects will allocate in places with comparatively more solar resources in Northeast and North China, including Inner Mongolia Province, Heilongjiang Province, Jilin Province and Liaoning Province, together with City of Zhangjiakou.
The Announcement declares that the joint venture will be established with the understanding of Mixed Ownership Innovation; that CNLNPC will serve as the holding company and Shouhang shares stock of the joint venture; that all CSP projects developed by the joint venture shall meet relevant requirements made by China’s National Energy Administration(CNEA); that Shouhang will provide technology assembly services and key equipments; that Shouhang assure the CSP projects will meet certain profits rate requested by CNEA.
The joint venture will make full use of advantages of both parent companies to promote its CSP business all over the world. CNLNPC focuses on development, engineering management, financing and operation, while Shouhang advances in technology innovation, system assembly technology research, equipment manufacturing, construction and operation staff training.
Shouhang declares that the agreement is following priori cooperation with CNLNPC with an attempt to promote a mixed ownership. Shouhang believes this will set a good example to its future cooperation with other companies in various areas. Under the agreement, Shouhang can further promote its CSP business, benefiting from home and abroad market share together with financial support provided by CNLNPC.
