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May 4, 2016

SolarReserve will supply technology and support services to new solar projects in China

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.

By Lopamudra Roy

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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.

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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 deal will support US exports and jobs while simultaneously helping China meet emission-reduction goals."

"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.

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Free Report
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Determine the future strategies for IoT in Power

In 2021, the power sector faced significant challenges across the entire value chain. These included spiking energy costs, transitioning to renewables, and safeguarding assets against extreme weather conditions.   The Internet of Things (IoT), billed as a key part of the next industrial revolution, can significantly transform the power sector by optimizing operations, managing asset performance, and engaging customers to lower energy costs.    GlobalData’s IoT in Power Thematic Research report provides you with an in-depth lens into the impact of IoT on the industry. We highlight both the challenges and opportunities associated with the innovative technology now, and in the future. Our report also covers: 
  • Major players and companies 
  • Market size and growth forecasts 
  • Case studies  
  • Sector scorecard 
According to GlobalData figures, global IoT revenue in the energy sector will reach $59 billion by 2025, up from $34 billion in 2019. Ensure your company is proactive in adapting strategies and processes to help you remain competitive.  Download the full report to get ahead of the competition.   
by GlobalData
Enter your details here to receive your free Report.

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