April 4 (Renewables Now) - A unit of China Three Gorges Corp is to invest CNY 18 billion (USD 2.9bn/EUR 2.3bn) in a 1-GW offshore wind project off the Nangang Industrial Zone in Tianjin.
The Tianjin Economic-Technological Development Area (TEDA) announced on Tuesday the signing of an investment cooperation agreement for the project with China Three Gorges New Energy. According to media reports, the plan is to produce power for the petrochemical industry.
The first phase of the project will involve the installation of 70 pieces of 5-MW offshore wind turbines, for a total capacity of 350 MW. The investment in that phase is estimated at roughly CNY 5.2 billion. Construction is seen to start in 2020, with the offshore wind park expected to up and running in 2022.
The phase I facility is to produce 840 million kWh annually, while the output of the whole 1-GW project is estimated at 2.4 billion kWh.
According to the Global Wind Energy Council (GWEC), China ranked third globally in terms of offshore wind capacity with nearly 2.8 GW installed at the end of 2017. It added 1.16 GW last year and there are a number of projects currently in progress.
(CNY 10 = USD 1.59/EUR 1.29)