EDF and CEI finalize Chinese offshore wind joint venture
EDF Group and China Energy Investment Corporation (CEI) have signed the final joint venture agreements for offshore wind projects in China.
The two parties reached financial closing and the new company is now building and operating 502 MW of offshore wind projects off the coasts of Jiangsu Province, north of Shanghai.
This includes the 302 MW Dongtai IV wind farm, fully commissioned in December 2019, and the 200 MW Dongtai V in construction and due to be commissioned in 2021.
Together, the partners will continue the construction of the Dongtai V project and set up the operations and maintenance activities.
EDF is taking a 37.5% stake in the common project company through its subsidiaries EDF Renewables and EDF China, while CEI Group holds the remaining stakes through its subsidiaries Shenhua Renewable and Shenhua Clean Energy Holdings.
“Thanks to this partnership, EDF which is already present in China through its other businesses: nuclear, solar, onshore wind and energy services, is strengthening its footprint in this strategic market,” said Bruno Bensasson, EDF Group Senior Executive Vice-President Renewable Energies and EDF Renewables Chairman and CEO.
“This partnership is also part of EDF’s CAP 2030 strategy, the Group is aiming to double its renewables capacities worldwide from 28 GW to 50 GW net between 2015 and 2030.”
In March last year, EDF and CEI signed the cooperation agreement for the projects.
Dongtai IV and V represent EDF Group’s first offshore wind farms in China.