Shanghai Electric sets up renewable energy subsidiary

China’s Shanghai Electric (SHA:601727) said today it has formed a renewable energy subsidiary to develop green and low-carbon projects with an initial focus on the domestic market.

Shanghai Electric New Energy Development Co Ltd, as the new entity is dubbed, will target the development of wind, solar, thermal and hydrogen projects and will also operate in the battery storage segment. It will also offer integrated solutions involving system optimisation, streamlined equipment and intelligent control systems.

The new entity is being launched with an investment capital of CNY 3 billion (USD 444.3m/EUR 434m), of which CNY 2 billion from Shanghai Electric Group and CNY 1 billion from Shanghai Electric Wind Power Group. While it will initially focus on the Chinese market, future expansion will be pursued on an international level.

Shanghai Electric has already joined hands with five companies to co-develop renewable energy projects, the smart energy equipment manufacturer said, adding that ties have been established with more than 10 financial institutions to bankroll the initiative.

(CNY 1.0 = USD 0.148/EUR 0.145)

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