(Yicai Global) July 27 -- Shares in Guangdong Electric Power Development hit the exchange-imposed limit today after the southern province’s biggest electricity supplier said it will build a 3,000-megawatt solar power station costing CNY12 billion (USD1.8 billion) on the sun-drenched Tibetan Plateau in its latest investment in renewable energy sources.

The firm’s stock price [SHE:000539] closed up 10 percent at CNY3.93 (USD0.61).

The power station will be located in the Huangnan Tibetan Autonomous Prefecture in western Qinghai province and an agreement was penned with the local government on July 23, the firm said, without saying how it plans to raise the funds.

Earlier this year Guangdong Electric said it would invest CNY35 billion (USD5.4 billion) in three clean energy projects in southwestern Guangxi Autonomous Region, southeastern Guizhou province and western Xinjiang Uyghur Autonomous Region.

Editor: Kim Taylor