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2020-02-26 09:45:00

CHINA'S RENEWABLE INVESTMENT $8.3 BLN

CHINA'S RENEWABLE INVESTMENT $8.3 BLN

RENEWABLESNOWFebruary 25 - Chinese power company China Three Gorges Corporation (CTG) has launched the construction of 3.92 GW of new energy projects across the country, among them two offshore wind "super projects" totalling 2.2 GW.

The state-owned company will spread a total investment of CNY 58 billion (USD 8.3bn/EUR 7.6bn) between 25 new projects in 14 provinces and regions as part of the efforts to push for clean energy and fight the COVID-19 outbreak, CTG said.

The two super projects, as CTG calls them, are the phases II to V, totalling 1.4 GW, of the Yangjiang wind farm off the coast of Guangdong province and the 800-MW project off Rudong County, Jiangsu province.

Yangjiang's first phase of 300 MW was connected to the grid at the end of November 2019, while its phases II to V will be now be constructed simultaneously.

CTG plans to invest a combined CNY 42.4 billion in the two projects, which will use more than 414 domestically manufactured turbines and result in 4,000 jobs.

The offshore wind farms are slated to start operation by 2021.

CTG expects that its 3.92-GW initiative will create 17,000 jobs and revive upstream and downstream local supply chains as companies resume operations amid the outbreak.

(CNY 1.0 = USD 0.14/EUR 0.13)

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Tags: CHINA, RENEWABLE, INVESTMENT