China State-Owned Energy Company Starts $8.3 Billion of Renewable Power Projects
China State-Owned Energy Company Starts $8.3 Billion of Renewable Power Projects
(Bloomberg) --
China Three Gorges New Energy Co., a state-owned clean energy developer, has started construction of 25 renewable power plants in an investment worth 58 billion yuan ($8.3 billion).
The projects will have a combined capacity of 3.92 gigawatts, the company said in a WeChat statement on Monday. The plants will be built in 14 provinces including Guangdong, Jiangsu, Fujian, Ningxia and Hebei, it said.
The move comes as the nation pushes to restart major energy projects amid the coronavirus epidemic. Three Gorges said the projects will provide 17,000 jobs during construction.
The two biggest investments are in offshore wind -- a 1.4 gigawatt expansion of the Yangjiang Yangxi project in Guangdong and the 800-megawatt Rudong site in Jiangsu -- that will cost a combined 42.4 billion yuan and are expected to start by the end of 2021.
To contact Bloomberg News staff for this story: Feifei Shen in Beijing at fshen11@bloomberg.net
To contact the editors responsible for this story: Ramsey Al-Rikabi at ralrikabi@bloomberg.net, Rob Verdonck, Jason Rogers
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