United Photovoltaics plans to invest CNY10 billion this year to almost triple its solar power plant capacity. It will buy 1 gigawatt (GW) of plants, Chief Financial Officer Li Hong said in Shenzhen. It currently operates 531.7 MW of solar projects and the acquisitions may also include 100 MW of projects overseas. United Photovoltaics is increasing spending on solar farms as worsening air pollution spurs demand for renewable energy. Its biggest shareholder, China Merchants New Energy, last month bought 13.6 million shares and increased its stake to 13.4%. About 20% of the investment would come from its “own capital”, Li said. The company said on April 16 that it had secured a financial lease of at least CNY10 billion from China Financial Leasing. China Merchants Group, the parent of China Merchants New Energy, might provide further capital to its subsidiary to help raise funds for the expansion. The company agreed last month to buy equity interests in 300 solar power projects to be developed by Yingli Green Energy over the next three years. The projects would be in provinces including Hebei, Guangxi, Shanxi and Shandong, Yingli said.