Hainan to Build RMB50bn Offshore Wind Power Industry Chain

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  • Hainan to Build RMB50bn Offshore Wind Power Industry Chain

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    Hainan, the southeastern province of China, has drawn up a four-year development plan (2022-2025) to form an offshore wind power industry chain worth RMB50bn (USD7.36bn) by 2025, as reported by Sina on May 14. According to the plan, by 2025, the island province will build up an offshore wind power industrial park in its west sea area and two offshore wind power generation equipment manufacturing bases in the cities of Dongfang and Yangpu. In addition, developing wind power generation equipment businesses would reduce the two cities’ reliance on oil and gas chemical industries and increase clean energy utilization, according to officials from Hainan Provincial Industry and Information Technology Department.

    Hainan has been a pioneer province in green development in China. In 2021, clean energy accounted for 70% of Hainan’s total installed capacity and 55% of the overall electricity output, way above the national average. Moreover, the province aims to raise the share of installed clean energy capacity to 85% by 2025. On April 26, three state-owned power generation companies, namely China Datang, Dongfang Electric [1072:HK], and China Power Construction [601669:CH], started construction of a wind power plant on the coast near Yangpu port in Hainan. With a total investment of RMB4.8bn (USD737.7m), the wind farm will come into operation in June 2024 and produce 1m kilowatts (kW) of electricity per year. Meanwhile, China Datang is also building other wind power plants near the Hainan city of Danzhou, which can reduce coal consumption by 1.1m tons a year.

    Sources:

    http://hainan.sina.com.cn/news/hnyw/2022-05-14/detail-imcwipii9804875.shtml?cre=tianyi&mod=pchp&loc=37&r=0&rfunc=26&tj=cxvertical_pc_hp&tr=12

    https://news.cgtn.com/news/2022-04-26/VHJhbnNjcmlwdDY0ODAx/index.html

    https://tass.com/economy/1444769

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