JAPAN

Sharp and Japanese trading company Shigemitsu Shoji Co., Ltd., together with a local Mongolian partner Solar Power International LLC will "jointly participate in the first large scale solar power plant business in Mongolia," said Sharp on Tuesday.

An agreement was reached between all parties and a signing ceremony was completed in Ulaanbaatar, said the company.

Construction of the project will start in the northern Mongolian city of Darkhan and the commercial operation date is scheduled on this December, according to the announcement.

With a planned land area of approximately 291,000 square meters, the solar power plant is expected to have an installed capacity of 10 megawatts.

Upon completion of the project, clean energy can be supplied and greenhouse gas emissions will be reduced; Mongolia still heavily relies on coal fired power plants as the main energy source, said the Japanese electronics producer.

Earlier, Sharp accepted a takeover bid from the Hon Hai Precision Industry of China’s Taiwan, better known as Foxconn. Sharp is reportedly stepping up its solar power business by utilizing the Foxconn network.