MAINBOARD-LISTED Sunpower Group plans to invest in a biomass co-generation project in Tongshan District, Xuzhou City of Jiangsu province, it said on Thursday.
Upon completion, the biomass co-generation plant will supply civil heating to homes in Tongshan District as well as supply electricity to the state grid. The project's approved designed capacity will comprise two steam boilers with a capacity of 130 tonnes per hour and two 35 megawatt electricity generators.
Under the first phase of the project, one steam boiler and one generator will be built. The estimated investment for Phase 1 is around 420 million yuan . The project will be developed under a joint venture, with Sunpower owning an 85 per cent stake. Sunpower will fund the investment with net proceeds from its Tranche 2 convertible bonds, internal resources and bank borrowings.
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