Sino-Spanish joint venture Tayan Energy will invest 700 million euros (about US$782.2 million) in building over one gigawatt of solar power generating capacity in Spain, Portugal and Italy, Lusa reports, citing a written announcement by the company.
The Portuguese news agency says Tayan Energy and Inovolt Ltd of Britain will jointly pursue solar power projects in Portugal with a combined capacity of 650 megawatts.
Tayan said on Monday the first project in Portugal, to build 300 megawatts of generating capacity and with a storage capacity of 15 megawatts per hours, is due to begin in the first quarter of next year.
Tayan Energy is a joint venture by Shanghai Electric Group Co. Ltd of China and Eland Private Equity SGECR SA of Spain, and has its headquarters in the Spanish capital, Madrid, Lusa says.
(Source) Permanent Secretariat to the Forum for Economic and Trade Co-operation between China and Portuguese-speaking Countries (Macao):