Norway-based energy company Equinor has signed a memorandum of understanding (MoU) with China Power International Holding (CPIH) to cooperate on the development of offshore windfarms in China and Europe.
The MoU is expected to strengthen and expand the collaboration between the two companies. It was signed by CPIH president Jun Tian and Equinor New Energy Solutions executive vice-president Pål Eitrheim at an event in Beijing, China.
Eitrheim said: “China is rapidly increasing its use of renewables and natural gas. The country is set to become the world’s biggest offshore wind market by 2030. As an offshore wind major, Equinor is excited to collaborate with CPIH to develop offshore wind.”
CPIH is a subsidiary of the state-owned enterprise State Power Investment Corporation (SPIC), and is engaged in the development and operational activities of power projects within traditional and renewable energy.
Tian said: “CPIH, as a leading power generator in China, has been striving to develop its international strategy to become a pioneer of reliable energy provider worldwide.
“We strongly believe the collaboration between CPIH and Equinor in China and Europe will bring vast experience, knowledge and expertise to the industry. We look forward to deepen this partnership and develop a sustainable energy business together with our partner in both domestic and overseas markets.”
This is not the first MoU that Equinor has signed in Asia this year. In February 2019 it agreed with the Korea National Oil Corporation (KNOC) to jointly explore the opportunities for developing commerical floating offshore windpower in South Korea.
The country is currently pursuing a transition in the energy mix from nuclear and coal to renewable energy. The proportion of renewable energy is set to increase to 20% of South Korea’s total power generation by 2030. The country is expected to have 49GW of new renewable generation capacity by 2030.