US renewable energy company SolarReserve has signed a memorandum of understanding (MoU) with China’s state-owned enterprise Shenhua Group to construct 1,000MW of solar thermal projects.
SolarReserve will be responsible for delivering critical technology and technical support services. Its storage technology will resolve any intermittency issues, which are experienced with other renewable sources.
The company’s CEO Kevin Smith said: "SolarReserve is excited about the opportunity to help China meet its emissions reduction goals by working with the world’s largest coal company as it expands into large-scale solar thermal."
"Our 1,000MW partnership with Shenhua is at a scale that will lead to substantially lower costs while contributing clean and renewable energy to China’s growing power needs.
"This is just part of China’s target to build 10,000MW of CSP over the next five years."
US Secretary of Commerce Penny Pritzker said: "This deal will support US exports and jobs while simultaneously helping China meet emission-reduction goals set under the Paris Climate Agreement."
The capabilities of these new utility scale projects will allow the deployment of additional wind and PV generation.
It will also help ensure the reliability and security of new ultra-high voltage transmission lines being built to supply the northern and western regions.
Image: American company SolarReserve signs MoU with China’s Shenhua Group. Photo: courtesy of SolarReserve.