French Engie signed an agreement for a 30 percent equity investment through capital increase in UNISUN, a Chinese solar photovoltaic company on Tuesday.
The French company aims to support UNISUN in the field of photovoltaic business development, ownership, operation, as well as smart energy management in China, Engie said.
UNISUN targets a development of around 4 gigawatts of photovoltaic projects by 2020 in China. Since 2014, UNISUN developed around 500 megawatts of photovoltaic projects in the country.
"Engie is proud to contribute to Chinese renewable energy development and to support the transformation of China into a low-carbon economy," the company said.
"Engie’s strong support, in terms of experience, technology and resources will lead to a comprehensive upgrading of UNISUN capacity to achieve its vision to be a competent, innovative and integrated energy provider," said He Yisha, president of UNISUN.
During COP21 in Paris in 2015, China pledged to cap its carbon emissions by 2030 or earlier by increasing the share of non-fossil energy from 13 percent to 20 percent in its energy mix by then.
By Zeynep Beyza Kilic