Shanghai Electric sets up renewables arm
Initial focus will be on domestic Chinese market but with an eye on international expansion
Chinese company Shanghai Electric has set up a dedicated renewable energy unit called Shanghai Electric New Energy Development.
Shanghai Electric said the move marks the accelerated expansion and growth of its green, low-carbon business.
Shanghai Electric Group has also announced a renewable energy roadmap alongside agreements with five unnamed partners to jointly develop renewable energy projects.
It is also establishing strategic partnerships with over 10 financial institutions and industry partners to build a financial ecosystem for the renewable energy sector.
The new company has received a total investment of RMB 3bn (€437m), including RMB2bn from Shanghai Electric Group and RMB1bn from Shanghai Electric Wind Power Group.
The initial focus will be the domestic market in China but with an eye on expanding into international markets, it said.
"Shanghai Electric New Energy Development will be committed to building a full lifecycle service platform for a renewable energy future by developing wind, solar, storage, thermal and hydrogen energy projects, as well as expanding the source-grid-load-storage integrated business," the company added.
