The development and reform commission of China’s Hainan province has approved a 1.2 GW offshore wind farm proposed to be built in the province’s waters by Shenergy, a Chinese company doing business in the oil and natural gas, and power generation sectors.
The offshore wind farm, called Shenergy Hainan CZ2 Offshore Wind Power Demonstration Project, will be built northwest of Danzhou City by a project company set up by the developer and named Hainan Shenergy New Energy.
According to Shenergy’s update on the Shanghai Stock Exchange, the total investment in the project is estimated at about CNY 15 billion (approximately EUR 2.15 billion), of which the capital is about 3 billion (approx. EUR 430 million) yuan, accounting for 20 per cent of the total investment.
The construction is funded by Hainan Shenergy New Energy, while funds other than capital expenditure will come through bank financing.
The capital contribution is subject to the approval of the company’s Board of Directors, Shenergy noted.