CGN to Invest 5 Billion Yuan to Develop 1GW of New Energy Projects in Yangquan

PVTIME – According to the official website of Yangquan Municipal People’s Government, on November 28, the Energy Bureau of Yangquan City and the Shanxi Branch of China General Nuclear Power New Energy Investment (Shenzhen) Co., Ltd. (hereafter referred to as CGN New Energy) signed a strategic cooperation agreement.

The two parties have approved of CGN New Energy plans of developing new energy industry projects including wind and solar storage new energy projects, incremental distribution network projects, integrated energy service projects, and compressed air energy storage projects in Yangquan. The target installed capacity is 1GW and the proposed investment is about 5 billion yuan. This investment is in line with the Energy Bureau of Yangquan City and CGN New Energy’s prior discussions on jointly accelerating and constructing Yangquan City’s “clean, low-carbon, safe, and efficient” modern energy system.

Yangquan is China’s largest anthracite production base and an important energy and heavy chemical industry base. In recent years, Yangquan has been promoting the transformation of its energy structure from “black energy” to “green energy” by steadily reducing coal capacity, optimizing mechanization and intelligence of coal mining, promoting green mining pilot projects, and achieving the grid connection of 1.46GW in new energy power generation projects which account for 34% of the city’s total installed power capacity.

CGN New Energy Investment (Shenzhen) Co., Ltd. is a new energy focused subsidiary of China General Nuclear Power Group. Since entering into the field of clean energy power generation in 2007, its new energy business has become one of four major business pillars of CGN Group. As of the end of August 2020, CGN New Energy’s domestic installed capacity of wind power generation reached 14.575GW, solar power installed capacity reached 5.554GW, other energy sources reached 0.6845GW, and the installed capacity in operation was 20.8GW.