Evergrande to invest $14.7bn in solar power business

Chinese real estate developer Evergrande is planning to invest CNY90bn ($14.7bn) to foray into solar power business.

The move comes as the country witnessed 11% decline in home sales during the first eight months when compared to the previous year amid an economic slowdown.

The investment will be used to build solar projects in China’s northern city of Zhangjiakou with a total installed capacity of around 9.2GW.

Panel maker Shunfeng Photovoltaic International will build solar-power plants over the next three years.

Construction details of the projects have not been disclosed.

Bloomberg New Energy Finance analyst Wang Xiaoting said: "It will be easier to step into rooftop projects with a property-developing background."

As reported in Bloomberg, the proposed projects will represent 46% total installed solar capacity in China at the end of 2013.

China generated over 20GW of solar power at the end of 2013 and is expected to add around14GW this year.

Evergrande Real Estate is involved in the investment, development, and management of properties in the People’s Republic of China.

The company also operates hotels, and football and volleyball clubs; and provides construction and decoration, and property management and related consulting services