(Yicai Global) April 11 -- Shares of Yuneng Holdings ran counter to today’s rout in Chinese stocks after the electric power company unveiled a plan to invest about CNY3.8 billion (USD596.5 million) in rooftop power projects.

Yuneng [SHE: 001896] closed 4.6 percent up at CNY5.86 (92 US cents), after surging by as much as the 10 percent daily trading limit in the morning. The wider Shenzhen market came off 3.7 percent.

Yuneng will invest CNY3.6 billion in 15 rooftop solar power projects and CNY21 million (USD3.3 million) in a solar energy storage microgrid in Henan province, where the state-controlled business is based, it said in a statement released late on April 8.

The remaining CNY192 million (USD30.1 million) will go to capitalize four newly-established photovoltaic project firms. Completion of the projects will variously take between three and 36 months. 

Five of the larger rooftop projects are for residential buildings in county-level areas and other projects will be built in development zones, industrial parks, as well as Puyang High-Speed Railway Station. When finished, they will produce 904 megawatts of electricity in total.

The projects are a key way to achieve China’s peak carbon and carbon neutrality goals, implement its rural development strategy, guarantee energy security and speed up Yuneng's transformation into a comprehensive energy services provider, the company added.

Editor: Emmi Laine, Xiao Yi