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April 29, 2019updated 30 Apr 2019 9:53am

Shanghai Electric to partner with ACWA Power on clean energy projects

Chinese company Shanghai Electric Group has signed a memorandum of understanding (MoU) with Saudi Arabia's ACWA Power to co-develop global solar projects.

Chinese company Shanghai Electric Group has signed a memorandum of understanding (MoU) with Saudi Arabia’s ACWA Power to co-develop global solar projects.

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The strategic partnership agreement represents the group’s expansion into Belt and Road initiative countries, including Vietnam, India, Saudi Arabia, Iraq, Pakistan Thar, Dubai and Malaysia.

It covers a wide range of energy projects such as gas turbines construction, thermal, photovoltaic, solar thermal, wind and combined cycle power generation.

Shanghai Electric chairman and CEO Zheng Jianhua said: “This win-win partnership will allow us to work more closely with ACWA Power to develop clean-energy projects globally and to build our brand internationally as we continue to expand operations along initiative countries.”

Jianhua added that the company is planning to make further investments in the region over the next several years.

“This win-win partnership will allow us to work more closely with ACWA Power to develop clean-energy projects globally.”

Since April last year, both companies worked together to develop and build solar facilities. ACWA Power aims to generate electricity capacity of 150GW of power by 2030.

Shanghai Electric has established new enterprises in nine Belt and Road countries such as Vietnam, India, Saudi Arabia, Iraq and Malaysia.

Recently, the company has secured the coal-electricity integration project in Pakistan Thar, solar-thermal power project in Dubai.

It is also working on power projects in Pakistan Qasim and Sahiwal and constructions of the Panamanian and Serbian gas turbine projects.

Shanghai Electric’s overseas business income exceeded around $1.67bn last year. Global investment enterprise income, international engineering revenue and export business income contributed nearly 11% of this increase.

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Free Report
img

Battery energy storage will be the key to energy transition – find out how

The market for battery energy storage is estimated to grow to $10.84bn in 2026. The fall in battery technology prices and the increasing need for grid stability are just two reasons GlobalData have predicted for this growth, with the integration of renewable power holding significant sway over the power market. Over the last decade, various new digital and smart technologies have been integrated, with countries aggressively promoting the modernization of grids, enhancing the grids’ capability to meet present and future requirements. As part of the effort, batteries are being deployed for a wide range of uses. A few such uses include aiding smart grids, integrating renewables, and creating responsive electricity markets. Read this report for expert insights into:
  • Market size and growth
  • Key drivers and restraints
  • Regional trends
  • The impact of the commodity price increase on the battery prices
Get ahead of this growing market and win big by utilizing our report.
by GlobalData
Enter your details here to receive your free Report.

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