U.S. Markets open in 8 hrs 25 mins

China Development Group expects progress in global solar farm expansion

China Development Group announced that China Merchants New Energy Group, the company's largest shareholder, entered into a Development Financing Cooperation Agreement with China Development Bank on March, 14. According to CMNE's announcement on Mar. 15, CDB will provide up to RMB10B potential financing support to CMNE in the coming four years. CTDC expects that the financing support from CDB will greatly facilitate the solar business expansion of its subsidiary Sinofield Group Limited which is to be the only platform for CMNE to invest into China's rooftop solar development after the completion of its capital increase.