State-owned China Huayang Economic and Trade Group has announced that it has entered into a partnership with solar developer SkyPower to build solar farms that are connected with the objectives laid out in the Belt Road initiative.
Toronto-based SkyPower is majority-owned by CIM Group, a US real estate and infrastructure investment firm founded in 1994. SkyPower has agreements in place for around thirty utility-scale solar Power Purchase Agreements with leading utilities and governments around the world.
Huayang has selected SkyPower to be its global partner to develop, build, and operate large-scale solar projects in key strategic markets. The partnership combines Huayang’s extensive financial capabilities with SkyPower’s proven solar expertise. The partnership’s mandate and objective is to advance Chinese President Xi Jinping’s vision of eliminating barriers in countries under the Belt and Road Initiative.
“One of the key objectives of the Belt and Road Initiative, which was showcased in Beijing in May 2017 among 29 foreign heads of state, government representatives, and global companies from nations around the globe, was for Chinese companies to seek world leading organizations and build global partnerships and platforms to advance important initiatives like climate change,” comments Weiwen Cheng, chief executive officer of Huayang International Capital Holdings, the international financial arm of the China Huayang Group.
He added that, after extensive research on solar developers around the world, Huayang chose SkyPower as its global partner to jointly develop and build renewable energy projects along the Belt and Road regions as well in other key selected countries.
Huayang brings strong financial capabilities to the partnership, which will be coupled with SkyPower’s track record and development knowhow in the utility-scale solar energy industry.
The agreement was signed on June 7 at SkyPower’s global headquarters in Toronto.