Zhejiang Dun'an to invest RMB 1.88 bln in PV project

Nov. 5, 2009 (China Knowledge) - Zhejiang Dun'an Artificial Environmental Equipment Co Ltd<002011>, which specializes in refrigeration equipment, plans to invest RMB 1.88 billion to start a photovoltaic project with a designed annual output of 3,000 tons of polycrystalline silicon, sources reported.

The Shenzhen-listed firm will set up a wholly-owned subsidiary, which will have a registered capital of RMB 600 million, to operate the PV project. The project, which will be located in Urad Rear Banner in Bayanur, Inner Mongolia Autonomous Region and will be completed within two years, is expected to reap RMB 1.08 billion in sales revenue, and its gross profits will hit RMB 310.72 million.

In addition, Zhejiang Dun'an intends to acquire a 23% stake in a coal power firm with a registered capital of RMB 5 million to invest in Dongsheng coal field, which is located in Ordos, Inner Mongolia.

In the first three quarters of this year, Zhejiang Dun'an's net profit was RMB 130 million, down 3% year on year, and its revenue slipped 25% year on year to RMB 1.59 billion.