BP Plc, the world's second-biggest oil company, plans to invest "many million dollars" to quadruple the current capacity of its solar energy joint venture in Xi'an, the capital of Northwest China's Shaanxi Province.

In a drive to cash in on the booming renewable energy market in China, BP wants to expand the capacity of its Xi'an-based BP Sunoasis Co Ltd fourfold to 100 MW (megawatts) by 2010, said Mark Twidell, regional director of BP Solar's Australian and Asian business.

"We would like to take a fair share in China's expanding (solar energy) market," Twidell told China Daily yesterday in Xi'an.

In terms of investment in the new project, Twidell said "many million dollars" could be shelled out for BP Sunoasis, which now has a capacity of 25 MW and is minority-owned by BP.

China's surging energy demand and environmental concerns have prompted the Chinese Government to step up efforts to boost the use of alternative energy sources such as solar, wind and biomass, and industry analysts have predicted huge potential for these clean energies to fuel electricity generation.

According to the BP official, China's solar-based power generation market will reach 200 MW, from only 20 MW last year.

BP Sunoasis' increased capacity of 100 MW by 2010 will target both the Chinese market and other countries, Twidell added.

1

2

(For more biz stories, please visit Industry Updates)