(Yicai Global) July 20 -- Changzhou Almaden Stock Co. [SHE:002623], a solar power material producer, plans to invest USD5.2 million (CNY35 million) via a wholly-owned subsidiary to set up a project company engaged in the distributed solar energy business in a bid to enter the downstream decentralized power industry.

Almaden said yesterday that it intends to establish a solar power plant project company in Qidong Marine Engineering Ship Industrial Park in the eastern Chinese province of Jiangsu.

Almaden said that this endeavor will help it boost its new-energy business and improve its profitability.