Shandong Hi-Speed New Energy Group's (HKG:1250, SHA:600350) subsidiary Jinan Shandong Hi-Speed New Energy Technology agreed to lease certain areas in Shandong Province from associate companies for the construction and operation of photovoltaic power generation projects and plants, a Friday Hong Kong bourse filing said.

For a period of 20 years starting from Dec. 25, Jinan Shandong Hi-Speed New Energy Technology will lease certain designated areas located in Jinan City and Taian City from Shandong Hi-Speed Taidong Highway, in Heze City from Shandong Hi-Speed Heze Development, and in Linyi City from Shandong Hi-Speed Linyi Development.

The rent is set at the rate of 0.02 yuan per watt per annum and the expected total rent for the 20 years is expected to be 44 million yuan and will be financed through the internal resources of the group.