In another remarkable stride in the renewable sector, Chinese power and energy investment companies plan to build one of the world’s single biggest renewable projects with 11 gigawatts (GW) of total capacity.
To this end, China Longyuan Power Group Corporation and CHN Energy Investment Group (CHN Energy) have signed a joint venture agreement with the proposal to build 11-GW of new energy generation base in the Badain Jaran (Gansu) Desert Base. This was disclosed by Longyuan in a filing with the Hong Kong Exchange.
“The construction scale of the project plans to be 11 GW of new energy, with supporting peak load regulation of thermal power, energy storage and solar thermal projects,” China Longyuan said in the statement. “The project has not been approved yet by the Chinese authorities, “it said.
The capital of the joint venture is estimated to be at $417 million (3 billion Chinese yuan), of which China Longyuan will contribute 51%, or $213 million (1.53 billion yuan), and the remainder by CHN Energy,
Once completed the 11-GW project will be among the world’s largest renewable energy generating sites, behind the planned 20-GW Jiuquan wind base, which will also be located in Gansu.
Notable, the country has already reached its goal to have more non-fossil fuel installed electricity capacity than fossil fuels earlier than planned, with 50.9% of its power capacity now coming from non-fossil fuel sources.