(Yicai Global) Oct. 13 -- Hong-Kong based Panda Green Energy Group Ltd. [HKG:0686], a leading photovoltaic investor, plans to spend CNY196 million (USD29.8 million) to buy out the sole shareholder of a 50-megawatt solar power plant in Inner Mongolia, the company said in a statement yesterday.

The power station, which entered operation in December 2015, will bring Panda Green Energy a stable income and be conducive to expanding the company's existing investments in renewable energy plants, the firm said.

The energy group mainly engages in making solar batteries, and has customers from China, Europe and other continents. It plans to build renewable energy power plants in the Philippines, Sri Lanka, Thailand and other countries along the route of China's Belt and Road Initiative.

In January this year, the group acquired six UK solar projects with a total capacity of 82.4 megawatts.