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China Technology Development Group Corp. (NASDAQ: CTDC) and privately held Qinghai New Energy Group announced plans to construct a 30 MW solar power station in China that will ultimately grow to a 1 GW (1000 MW) facility. In comparison, the largest photovoltaic solar project announced previously is a 550 MW deal between OptiSolar and California utility PG&E Corp.
The Chinese station will be located in the Qaidam Basin, a vast desert area with ample sunshine and broad power grids. Construction will begin in 2009 with an initial investment of $150 million applied to a combination of thin-film solar modules and traditional silicon-based technologies. CTDC was founded in September 1995 and was one of the first Chinese companies listed on NASDAQ. The company specializes in thin-film solar cell technology based on SnO2 base plates.
The company’s announcement was a welcome reprieve for investors in solar power companies, which have been hard hit by a lack of funding for new projects, a drop in prices on solar panels and a dramatic drop in oil prices. The announcement is also interesting in that this project is one of the first large projects to substantially employ new thin-film solar technologies.
For more information, please see CTDC’s full press release, and EE Times’ coverage.
