Mar. 10, 2010 (China Knowledge) - AVIC Heavy Machinery Co Ltd<600765>, formerly known as Guizhou Liyuan Hydraulic Co Ltd, yesterday announced that an energy investment subsidiary has inked an agreement to spend a total of RMB 3.3 billion to develop three energy projects in Daan, Jilin Province.

The Shanghai-listed firm intends to inject RMB 500 million into a gas power plant project in Jilin Daan Economic Development Zone. The project, which will have an area of 60,000 square meters, is designed to have an installed capacity of 100,000 kilowatts.

AVIC Heavy Machinery will also invest RMB 2 billion to develop a wind power project that is expected to generate 400 million kWh of power per year.

The last project, a photovoltaic power project, will cost RMB 800 million and will have a total installed capacity of 40,000 kW.

The energy investment subsidiary, in which AVIC Heavy Machinery holds a 60% stake and Aviation Industry Corp of China holds the remaining 40%, currently has six gas power plants and a wind power plant.