DEME Inks Chinese Offshore Wind Deal with COSCO Shipping
Belgian DEME Group and Chinese COSCO Shipping have officially embarked on a joint journey to develop offshore wind energy in China, under an umbrella agreement signed on 31 October, following the two companies' joint venture announcement in May.
With the Chinese government aiming to significantly increase the installed capacity of offshore wind energy by 2020 and beyond, COSCO Shipping plans to enter the new market by partnering with DEME's subsidiary GeoSea, which has a vast experience in developing, building and maintaining offshore wind farms.
Yesterday's agreement was signed in Beijing, in the presence of Belgian Prime Minister Charles Michel and the Chinese Premier Li Keqiang, signifying the importance of the cooperation and Chinese vision concerning the transition to renewable energy, DEME said.
"The joint venture with COSCO Shipping is a win-win for both parties and will contribute to realising the ambitious Chinese climate objectives but creates also perspectives on further development and services in COSCO Shipping’s areas of expertise such as heavy lift transport, shipbuilding, etc," said Luc Bertrand, Chairman of DEME.
Xu Lirong, Chairman of COSCO Shipping, said: "The cooperation with DEME is in line with our strategy, and I believe it is going to help fortify our cooperation with customers, extend our business chain and, moreover, push forward the sustainable and healthy development of renewable energy industry in China."