SPI Energy Co., Ltd., a global provider of photovoltaic (PV) solutions for business, residential, government and utility customers and investors, today announced that its subsidiary Gonghe Xinte Photovoltaic Power Generation has entered into a 10-year leasing agreement with China Kangfu International Leasing . China Kangfu has already provided financing of RMB140 million (US $21.7 million) to support the 20 megawatts Gonghe Xinte solar power project in Qinghai Province.
Under the agreement, both parties shall establish a long-term strategic partnership leveraging their respective strengths and collaborate to promote clean renewable energy projects. China is aiming to triple its solar power capacity by the year 2020 to as much as 143 gigawatts to help reduce carbon emissions, according to the country’s National Energy Administration.
China Kangfu is one of the pioneers of China’s financial leasing industry. Founded in 1988 and headquartered in Beijing, its major business areas cover energy and electricity, equipment manufacturers outsourcing, healthcare, and operating and cross-border leasing. China Kangfu’s shareholders include Sany Group, the largest heavy machinery manufacturing firm in China, and Morgan Stanley, the global investment bank.