China Gogreen to Develop $115 Million of Solar Power Plants

China Gogreen Assets Investment Ltd., a Hong Kong-based investment company, plans to invest 720 million yuan ($115 million) to develop solar power projects in the Xuchang city in China’s Henan province.

Unit Beijing Jun Yang Investment Co. agreed with the Xuchang government to develop and operate the 60 megawatts of solar power plants on the rooftops of buildings, the company said in a filing to the Hong Kong stock exchange yesterday. China Gogreen will fund the projects with internal resources, bank borrowings and government subsidies.

A first phase of 30 megawatts will be completed in July 2014 with construction on all projects scheduled to be finished in December 2015, China Gogreen said.