Xinjiang set for $11b in CPIC investments

BEIJING - China Power Investment Corp (CPIC), a State-owned energy company that is one of the country's five major power generating groups, will invest more than 70 billion yuan ($11 billion) in its power, coal and coal chemistry sectors in the Xinjiang Uygur autonomous region over the next five years.

CPIC said that by the start of 2013, it aims to ensure that 60 percent of these energy resources are used locally and that clean energy production accounts for 40 percent of the total output.

The company will invest 6.5 billion yuan by the end of 2011 and maintain annual investment at more than 10 billion yuan beginning in 2012.