Top Biz News

Chinese company to develop new energy in northeast

(Xinhua)
Updated: 2010-03-09 10:34

BEIJING - Aviation Industry Corporation of China will invest 3.3 billion yuan ($483.9 million) to develop new energy enterprises in China's northeast, the company said Monday.

The State-owned company said it would build wind power stations of 200,000 kilowatts (kW), natural gas power stations of 100,000 kW and solar power stations of 40,000 kW installed capacity in the city of Da'an, Jilin province, northeast China, according to the pact the company signed Monday with the local government.

The waste heat of the natural gas power stations would also be used to warm houses, the company said.

Da'an, located in the northwest of Jilin province, is rich in natural gas, and has a good environment for wind and solar power generation. According to the official website of Da'an municipal government, the city has access to natural gas deposits of about 2 billion cubic meters, and its average time of sunshine totalled 3,013 hours per year.

The Chinese government has vowed to cut carbon dioxide emissions per unit of the GDP by 40 percent to 45 percent by 2020 from the 2005 level, which represents a reduction of roughly 1.5 billion tons of emissions.

The government has promised to subsidize new energy companies as well as giving them other incentives to achieve the reduction, said Finance Minister Xie Xuren in the Central Economic Work Conference held last month.