PVTIME – On 14 November 2023, Sany Renewable Energy Co., Ltd.(Sany)(688349.SH), a worldwide supplier of renewable energy solutions, has declared the initiation of a wind-solar hydrogen energy storage and ammonia project in Songyuan City, Jilin Province of China. The company will invest approximately 6.5 billion yuan in this project, which will be financed through Sany’s own funds and self-financing.
The project will demonstrate an integrated renewable energy system, featuring photovoltaic and wind power plants, transmission lines, hydrogen and alcohol plants, and energy storage facilities. Sany will undertake the construction of the wind power and chemical processing projects, whilst the associated companies will be responsible for the photovoltaic project’s construction. The project completion is required within 18 months, excluding winter breaks.
The project aims to enhance the efficiency of renewable energy sources like wind and photovoltaic power, thereby reducing local consumption of fossil fuels. It will establish a renewable energy supply chain encompassing clean power generation, hydrogen production, energy storage, power transmission, and consumption of green energy derived from green chemicals. This project will strongly support the region’s goal of reaching carbon neutrality, and is of strategic importance for the ecological revitalisation and transformation of the area. Meanwhile, it will continuously strengthen Sany’s core competitive advantages and improve the effectiveness of industrial coordination.
In the first three quarters of 2023, Sany’s revenue increased by 18.04% YoY to 7.49 billion yuan, while net profit fell by 1.21% YoY to 1.031 billion yuan. Additionally, the company’s R&D investment increased by 29.01% to reach 684 million yuan.
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