(Yicai Global) Oct. 27 -- State Power Investment Corp. (SPIC) affiliates Jilin Electric Power Co. [SHE:000875] and Tibet Energy Co. will jointly invest CNY95.3 million (USD14.3 million) in the construction of a 10-megawatt grid-connected photovoltaic power plant in Damxung, Tibet, the company said in a press briefing yesterday.

The pair will set up a joint venture for the project, with Jilin Electric contributing CNY9.8 million for a 49-percent stake in the new company. Tibet Energy will pay CNY10.2 million for the majority holding.

The power plant's average annual power generation capacity is expected to reach 16.92 million kilowatt-hours, with an operation period of 25 years.

The investment will help Jilin Electric to tap into the photovoltaic market in the Tibet Autonomous Region in western China.