Construction of a large solar power project with an investment of $450 million was launched Saturday in Wuhan, capital of Hubei province in Central China.
The 500-mW project is a joint venture of Greenway Solar-Tech (China) Co Ltd and Evergreen Solar Inc of the United States, according to Ding Kongxian, chief executive officer of Greenway Solar-Tech.
The project is scheduled to go into production in three years with an annual product value of $1 billion to turn out products related to solar power industry.
Nasdaq-listed Evergreen Solar manufactures and markets solar power products, including solar cells, panels and systems. It finalized its agreement with Greenway Solar-Tech and the government of Wuhan on July 30.