Duke Energy, the third largest power utility in the US, yesterday signed an agreement with privately-owned ENN Group of China to accelerate the development of low-carbon and clean energy technologies.

The agreement includes potential development of commercial solar projects, such as solar power plants and solar component manufacturing facilities, Duke said in a statement.

The agreement also encompasses joint technology development in coal-based clean energy, biofuels, natural gas, smart grid, energy efficiency and carbon-capturing algae.

China is leading the world in investing in clean energy and greater progress can be made by joining forces and working together, said Duke Energy CEO Jim Rogers. "We must move at 'China speed' to combat global warming."

Wang Yusuo, chairman of ENN Group said the company's mission is to find ways to produce energy that pollutes less, conserves more and protects the environment.

At present the company supplies natural gas to approximately 20 million homes and businesses in China. ENN also has growing subsidiaries operating around the world working on an array of renewable energy technologies and zero emission coal-based power, carbon capture technologies and bio-energy, said Wang.

Under the memorandum of understanding (MOU) signed yesterday by senior executives from both companies, Duke Energy and ENN are launching a series of meetings to share information, view technology demonstrations and develop "best practice" models.

The companies are also evaluating a partnership to pursue the commercial development of "utility-scale" solar photovoltaic projects in the US.

The announcement follows a similar MOU signed in August in Beijing between Duke Energy and China Huaneng Group, China's largest electric utility, encompassing high-level discussions and information-sharing on a number of renewable and clean-energy fronts.

According to China Greentech Report 2009, jointly issued by the PricewaterhouseCoopers and American Chamber of Commerce, China's green technology market would attract more investment and estimated a market with a potential value up to $1 trillion annually.