(Yicai Global) Sept. 19 -- Green energy firm Shouhang IHW Resources Saving Technologies will invest in a central tower power plant in northwestern China's Gansu province to produce clean energy.

Shouhang IHW's board meeting accepted the 100-megawatt project which will be located in the Hexi Corridor, the Beijing-based firm said in a statement. The company's subsidiaryYumen Shouhang Resources Saving New Energy will take care of the construction.

The funding is expected to reach CNY2.4 billion (USD350 million) and the solar furnace plant is slated to be completed in October 2020.

Shouhang IHW has invested in a 10MW solar energy station in the same province before, and is also building another 100MW plant in the city of Dunhuang in Gansu.

Editor: Emmi Laine