EDF Buys Into Two Chinese Offshore Wind Projects
- Business & Finance
French energy company EDF has signed an agreement with the Chinese utility China Energy Investment Corporation (CEI) to jointly deliver two offshore wind power projects in China.
The Dongtai IV and V offshore wind farms account for a total installed capacity of 500MW and will be the EDF Group’s first offshore projects in China.
Through the agreement, EDF is acquiring a stake in the two projects located off the coast of Jiangsu Province north of Shanghai.
The Dongtai IV project is currently being built and the construction of Dongtai V is scheduled to begin in 2019.
Subject to the signing of the final contracts, both partners will build and operate a total installed capacity of 500MW, which will be gradually commissioned by 2021.
With 3.8GW of offshore wind capacity already in operation, China is a promising market which should continue to grow quickly and account for nearly one half of the global fleet by 2030 with 50GW in operation, EDF said.
Jean-Bernard Lévy, EDF Group Chairman and Chief Executive Officer, said: “The agreements signed today consolidate EDF’s foothold in China, a strategic country for the Group’s international expansion. In China, EDF is now active in all main business segments, all of these helping the Group to support China’s energy ambitions whilst reducing CO2 emissions: nuclear, renewables and energy services.”
Via its subsidiary EDF Renouvelables, the EDF Group is now operating or developing 5.3GW of offshore wind power, whilst operating and maintaining 500MW of this capacity.