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Inflation Fears Keep Oil Prices Suppressed

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The week began positively with…

Chinese Energy Firms Plan One of the World’s Biggest Renewables Projects

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.

China Longyuan Power Group Corporation and CHN Energy Investment Group (CHN Energy) have entered into a joint venture agreement proposing to build 11-GW of new energy generation base in the Badain Jaran (Gansu) Desert Base, Longyuan said 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, adding that the project has not been approved yet by the Chinese authorities.  

The capital of the joint venture will be $417 million (3 billion Chinese yuan), of which China Longyuan will contribute 51%, or $213 million (1.53 billion yuan), and CHN Energy – the remainder.

The 11-GW project, if approved and built, 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.

China is the global leader in renewable energy spending and capacity additions of clean energy projects.

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. Back in 2021, the Chinese authorities said they would target renewables to outpace fossil fuel-installed capacity by 2025.

China is consolidating its leading position in renewable energy and is set to account for nearly 55% of global additions of renewable power capacity in both 2023 and 2024, the International Energy Agency (IEA) said earlier this year.

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By 2024, China is expected to deliver nearly 70% of all new offshore wind projects globally, as well as over 60% of onshore wind and 50% of solar PV projects, the IEA said in its Renewable Energy Market Update in June.

By Tsvetana Paraskova for Oilprice.com

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