Rongsheng Environmental Protection to Invest 10.5 Billion Yuan for Environment Friendly Projects, PV Included

PVTIME – Zhejiang Rongsheng Environmental Protection Paper Joint Stock Co., Ltd. (603165.SS) (hereinafter referred to as Rongsheng Environmental Protection or the Company) announced that it signed a Cooperation Framework Agreement with Quanjiao County Government of Anhui Province, China, to invest environment friendly projects, with a total investment of 10.5 billion yuan.

According to the Agreement, Rongsheng Environmental Protection intends set projects include an annual out put of 1.3 million MT of recycled paper production line, biomass heat and power cogeneration station with an annual processing capability of 500,000MT of straw, photovoltaic product development and manufacturing , and distributed photovoltaic power station with installed capacity of 1GW, and related operations and management.

The company believes that the essence of achieving carbon neutrality is industrial upgrading, thus this new investment is a major move for the company to alter its old business model to a new one for green development.