China Energy Investment Corporation has announced that it has signed an agreement with the French Energy Company (EDF) to jointly develop an offshore wind energy project in east China’s Jiangsu Province.
The Chinese company said that this joint venture, with a total investment of 7.9 billion yuan (about 1.13 billion US dollars), is the first of its kind in the field of offshore wind energy with domestic and foreign investments.
The company also indicated that the total installed capacity of the project is 502 MW. The project is also expected to generate 1.39 billion kilowatt hours of electricity each year, which is equivalent to 441,900 tons of standard coal, and meets the needs of electricity of about two million people annually.
The project, which is based in Dongtai City, Jiangsu Province, is expected to be fully operational in early 2021, and it will be funded, built and jointly operated by China Energy and EDF Group. The Chinese company stated that it will acquire 62.5% of the shares of the joint venture, while the rest of the shares will be owned by the French company.
