September 25 (Renewables Now) - Norway’s Equinor ASA (NYSE:EQNR) and China Power International Holding (CPIH) have entered into a memorandum of understanding (MOU) to jointly participate in wind projects in Chinese and European waters.
The Norwegian energy major said on Wednesday that the pact can potentially broaden the cooperation with power producer CPIH. According to the Chinese firm’s president Jun Tian, the MOU is a big milestone for both companies and their strides to step into new renewable energy markets. “We strongly believe the collaboration between CPIH and Equinor in China and Europe will bring vast experience, knowledge and expertise to the industry,” he added.
The two companies will take advantage of the opportunities in China and its efforts to boost the use of renewables and natural gas. Last year, the Asian country became the world’s largest offshore wind market in terms of new capacity additions by installing 1.8 GW, according to statistics by the Global Wind Energy Council (GWEC).
CPIH is a subsidiary of China’s state-owned power generator State Power Investment Corporation (SPIC). At end-2017, its installed capacity totalled 35.17 GW, of which almost 45% coming from renewables.