Renewal energy company UGE International Ltd. has signed an agreement to market and install solar panels on rooftops across China.
UGE made the deal with real estate firm JLL and Blue Sky Energy Efficiency. The offering by the companies hopes to cut energy costs for commercial and industrial clients by as much as 20%.
China is among the fastest-growing markets for solar power worldwide, with nearly 30 gigawatts of capacity installed last year, and the country's National Energy Administration recently announcing a target of adding 17.8 GW in 2015.
UGE is a global developer of commercial and industrial renewable energy projects, with installations in over 100 countries. To date UGE has worked with The Redwood Group, BMW, Bayer and GE in China, with several additional projects in development.
Financial terms and scope of business for the parties' venture in China was not announced, which could mean the deal still has a ways to go before anything begins.