Shares of China Technology Development rose 29 percent to $2.61 on Nasdaq following the announcement. Shares of most solar power companies were also up on the news, bolstered by higher oil prices and an upswing in the broader market.Construction of the 30-megawatt solar power station in China’s Qaidam Basin will begin this year with an initial investment of $150 million, the joint statement said.The project will combine thin-film and traditional silicon-based technologies that convert the sun’s rays into electricity. While the companies did not disclose timelines for the project, they said the plant will eventually produce 1 gigawatt of power. Read the full storyChina Technology Development Group Corp and privately held Qinghai New Energy Group announced their plans to construct a solar power plant in northwestern China that could become the world’s largest photovoltaic solar project.
Shares of China Technology Development rose 29 percent to $2.61 on Nasdaq following the announcement. Shares of most solar power companies were also up on the news, bolstered by higher oil prices and an upswing in the broader market.
Construction of the 30-megawatt solar power station in China’s Qaidam Basin will begin this year with an initial investment of $150 million, the joint statement said.
The project will combine thin-film and traditional silicon-based technologies that convert the sun’s rays into electricity. While the companies did not disclose timelines for the project, they said the plant will eventually produce 1 gigawatt of power.