China's Suntech Power Holdings (Nasdaq: SPWRA) has signed a deal to develop up to 100 megawatts (MW) of solar power projects in South Africa, according to a Reuters report.
The company, which only recently moved into project development, signed a memorandum of understanding (MOU) during South African President Jacob Zuma's visit to China. It was one of numerous investment deals signed between the two nations.
Analysts expect the cost of the solar projects to range between $350 million and $400 million.
"This (deal) highlights that there are so many markets that are completely off the radar screen for people who follow the sector, South Africa being one of them," CLSA analyst Charles Yonts told Reuters. "It's good for Suntech most definitely."
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