Lightway Solar has recently received approval from China’s Development and Reform Commission (NDRC) to develop 50 MW of photovoltaic plants in Prundu, Romania, according to pv-magazine.com, Mediafax informs. Through its German subsidiary, Lightway Deutschland GmbH, China-based manufacturer Lightway Solar acquired a 100 pc stake in Romanian company Sun Graden Colibasi for EUR 2.49 million this March, thus paving the way for its entry into the Eastern European solar market.
The 50 MW photovoltaic project plan was proposed following the acquisition as a further signal of the company’s move into this region. According to the statement released by the NDRC, total investment in the project amounts to RMB 610 million (around EUR 76 million), 30 pc of which is expected to be directly provided by Lightway Solar. The remaining funds should be acquired via bank loans. Underlining the company’s 2013 European strategy, Wei Zhen, general manager of Lightway Deutschland GmbH, commented: “We are now starting the first move in Romania where the government has introduced a series of PV policies. Lightway will cooperate with our end investors to win the support; also in Germany, our team will further upgrade for an intensified European PV market competition, including distributed generation market.”