(Yicai Global) Sept. 13 -- Beijing Shouhang Resources Saving Co. [SHE:002665] will team up with a company in Africa to develop renewable energy -- especially solar energy -- on the continent.

The Chinese firm said today that it has penned a memorandum of understanding with Mali-based Solektra International LLC regarding the joint initiative.

The pair will kick off one or two renewable energy projects as soon as possible, giving priority to initial discussions on and the implementation of a solar thermal power generation project, Shouhang Resources Saving said. The groups will set up a joint venture to push forward project development.

Solektra International will assist Shouhang Resources Saving with market research, project execution and cooperation with local African businesses and governments.

Shouhang Resources Saving said that it will apply to establish a China-Africa cooperation development support fund, aiming to facilitate the implementation of the initiative.

Solektra has strong connections with African governments, and has established partnerships with several major Chinese enterprises, Shouhang Resources Saving said.

Shouhang Resources Saving specializes in thermal power generation and serves as the vice chair of the China-Africa Renewable Energy Cooperation and Innovation Alliance.