United Photovoltaics Group (United PV) has agreed to set up joint ventures (Jvs) with NARI Electricity Design Company for the development of 1.5GW of solar power plants in China.

A strategic cooperation agreement to this effect was signed between both the companies.

United PV’s largest shareholder China Merchants New Energy Group is engaged in the investment and operation of solar power plants and renewable energy business.

Under the agreed terms, United PV and NARI Electricity will engage each other as the preferred partners in the design, development and construction of solar plants.

The companies will work together in the remote controlling and smart management system for the solar plants that are being built and completed by United PV.

Following the completion of the construction, United PV will acquire the shareholding in the JVs owned by NARI Electricity.

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The company will settle the consideration by cash and/or securities at the discretion of NARI Electricity.

China Merchants Capital managing director and China Merchants Technology chairman LU Zhenwei said: "The strategic cooperation with NARI Electricity under State Grid marks another milestone after China Merchants Capital’s increase of shareholding in CMNE that recognized United PV’s position as the professional new energy business platform and the signing of cooperation agreements by United PV and China Merchants Logistics.

"We look forward to cooperating with strategic partners, such as State Grid, sister companies under China Merchants Group and Zhongli Sci-tech Group, to jointly build up a world-class new energy platform."