Solar farm developer China Gogreen Assets Investment has outlined plans to invest CNY175m ($27.9m) in 2013 to boost its solar project portfolio.

The company is keen on adding 70MW more this year by developing and acquiring solar projects. Currently, it has 31.5MW of projects in Qinghai and Henan provinces.

The investment is a part of its plan to reach total solar power capacity of 500MW in next five years, reported South China Morning Post.

Commenting on the grid connection delays, China Gogreen chief executive Hunter Jiang You told the agency that the company is seeking mainly seeking small-scale projects and the new regulations formulated by State Grid Corp of China paces up the development of small-scale rooftop solar farms.

Jiang added that it is likely to acquire federal government’s subsidized projects and that had secured power purchase agreements to minimize the risk.

In addition, China Gogreen has inked three preliminary agreements to acquire and develop 112.4MW of solar plants in Henan, Ningxia autonomous region and Shenzhen, which are expected to be finalized within six months.