CLP’s unit to invest in Australian solar power project
CLP Holdings, one of the two Hong Kong electricity companies, announced on its own website yesterday that it has expanded its renewable energy portfolio into solar technology with its Australian subsidiary, TRUenergy, which has inked a deal with Melbourne-based Solar Systems to develop a solar photovoltaic power station in Australia.
Under the agreement, the CLP unit will make an initial investment of HK$49 million in a two megawatt (MW) photovoltaic pilot plant, and another HK$1.9 billion will be invested subsequently to build the remaining stages of the 154MWT project.
The project, located in northern Victoria, is scheduled to start construction from next year and will be the world’s largest and most efficient concentrated solar photovoltaic power station upon completion. The total investment will amount to HK$2.9 billion. The Australian and Victorian governments have also committed funds to develop the project.
The Hong Kong-based company believes the new investment will make an important contribution to its target to source 20% of its power from non-carbon emitting generation technologies by 2020, which was included in the climate change manifesto CLP released in December 2007.
CLP’s shares went up 4% yesterday to close at HK$62.95.
Tags: power, Solar