The government of Dayu town in Rudong county, Jiangsu province signed an agreement with a Shaanxi based company to promote a Concentrator Photovoltaics (CPV) program with the total investment valuing 2.51 billion yuan ($364.9 million) during a ceremony held on Dec 24.

Shaanxi Clean Energy Development Inc, a high-tech enterprise focusing on clean energy, plans to take advantage of resources in Rudong county to push forward the program.

According to the agreement, the company will establish 20 production lines of CPV and purchase 595 pieces of equipment for inspection.

The program is expected to bring annual sales revenue of 11 billion yuan.

Chen Lei, deputy secretary of the CPC Rudong County Committee expressed his hopes that the two sides can work together to bring the program into operation.

He urged the government of Dayu town to provide firm support to advance the program.

Officials at Rudong county, including Liu Xufeng and Xu Dongjun, also attended the signing ceremony.