(Yicai Global) June 5 -- Three Chinese companies will come together to jointly pursue opportunities in Iran’s photovoltaic module and power plant sector.
Zhongxinyang Investment will lead cooperation efforts with Hongyuan Power Engineering, better known as PowerChina, and Jiangnan Integration Technology, to invest in projects in the Middle Eastern country, said a statement from Hailu Heavy Industry, the controlling shareholder in Jiangnan Integration Technology.
The group aims to carry out work on the 300-megawatt solar module factory in Qazvin province, two solar plants located in Zanjan and Alborz provinces, respectively. They also plan to participate in future projects planned in Iran.
Ningxia-based Zhongxinyang Investment will set up a branch or subsidiary in the country, and sign engineering, procurement, and construction contracts for each project.
The owner will be responsible for project financing, relevant investment approvals and other pre-project work, while PowerChina and Jiangnan Integration will act as contractors for the facilities.
The announcement gave no details on the expected amount of investment, commencement dates, and construction cycle for the above-mentioned projects.
Editor: William Clegg