Asia Clean Capital to build 200MW of Chinese solar

The Goldman Sachs-backed firm is co-developing a rooftop solar portfolio with Toshiba Mitsubishi Electric.

Hong Kong-based Asia Clean Capital will develop a 200MW solar pipeline in China with technical support from Toshiba Mitsubishi Electric. 

Under the partnership, Goldman Sachs-backed ACC will invest in, construct and own a portfolio of distributed solar projects while Toshiba Mitsubishi provides equipment and technical support to the projects. 

The first project from the partnership will be a 20MW shipyard solar station in east China. ACC said it will fund 100 percent of the project costs and support it throughout its lifecycle. ACC did not disclose the costs of the project, but provided a cost estimate for installing rooftop solar in China of approximately $1 million per MW. The figure may vary depending on project size and technical parameters. 

All electricity produced from the partnership’s projects will be provided to clients at lower rates compared to power purchased from the local grid, ACC said. Typical project sites are large production facilities with a capacity of up to 20MW. 

ACC is the only distributed solar developer backed by Goldman Sachs in China. In January this year, the firm received a $40 million project finance facility from the bank. 

Since this March, the company has formed similar partnerships to co-develop solar projects in China with several developers, including Trina Solar, Canadian Solar and Ten K Solar. The partnership with Toshiba Mitsubishi boosts ACC’s development pipeline to over 1.1GW.