Energy China plans $3.6 bln investment on integrated energy project in Erdos

Dufu Liquor

21/12/2020 04:24

BEIJING, Dec 21 (Reuters) - China Energy Engineering Group
(Energy China)  IPO-CEEC.HK  has signed a framework agreement
with Erdos city government in Inner Mongolia to set up an
integrated energy base with total investment of 23.8 billion
yuan ($3.63 billion) in the region.
    The project will add 1 gigawatts (GW) wind power generation
capacity and 5 GW solar capacity on top of the already planned 8
GW coal-fired power plants in Erdos, according to a statement
issued by the state asset watchdog, SASAC, on Monday.
    Energy China also plans to build some electricity storage
facilities to go alongside with the integrated energy project,
said the statement without revealing more details.
    "Once launched, the integrated energy project will generate
around 33 billion kilowatts-hours electricity each year, among
which more than 41% is expected to come from renewable sources,"
said the SASAC statement.    
    Amid the renewable energy boom and insufficient power
carrying capacity from grids, China is encouraging energy
companies and local government to add power storage facilities
when building new solar and wind power projects in order to
improve the stability and flexibility of the power grid.
    Chinese President Xi Jinping announced at a United Nation
summit earlier this month that China will boost its installed
capacity of wind and solar power to more than 1,200 GW by 2030,
and increase the share of non-fossil fuels in primary energy
consumption to around 25% during the same period.  urn:newsml:reuters.com:*:nL1N2IS0DY
    In November, Energy China signed a framework agreement with
Chongzuo city government in southern Chinese region Guangxi to
invest 82 billion yuan into a mega-sized city development
project, including energy, transportation and mines restoration.


($1 = 6.5488 Chinese yuan renminbi)

 (Reporting by Muyu Xu and Chen Aizhu; Editing by Rashmi Aich)
 ((muyu.xu@thomsonreuters.com; +86 10 56692117;))