BYD set to build solar power plant in Shaanxi

CHINA'S BYD Co, which is partly owned by billionaire investor Warren Buffett, will build a 500-megawatt photovoltaic plant in Yulin, Shaanxi Province, the company said yesterday.

The plant will be developed in three phases in Yulin. The first phase, with a capacity of 200 megawatts, will be completed by the end of next year. When the third phase is built, the solar power plant will be able to generate more than 700 million kilowatt-hours per year and cut carbon dioxide emissions by 750,000 tons. The electricity will be sold at 1 yuan per kilowatt hour under government subsidies.

BYD and the Yulin government signed the contract, whose investment value was not disclosed, early this week for the project. The project marks BYD's latest move to support and accelerate the solar power arm of its new energy business, which also focuses on energy storage system and electric cars.

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