17/08/2022 – Energy / Renewables / Shanghai / Electric / Development / Subsidiary
Shanghai Electric Group establishes subsidiary to accelerate low-carbon business
The inauguration ceremony of Shanghai Electric New Energy Development Company Ltd marks the accelerated expansion and growth of Shanghai Electric Group’s green, low-carbon business.
During the ceremony, Shanghai Electric Group announced its renewable energy roadmap alongside agreements with five partners to jointly develop renewable energy projects, in addition to establishing strategic partnerships with more than 10 financial institutions and industry partners to build a financial ecosystem for the renewable energy sector.
A leading global integrated manufacturer of high-end equipment, Shanghai Electric Group has been building new comprehensive power systems and a complete solution for futuristic zero-carbon industrial parks, in a move to take the lead in supporting the Chinese government to achieve its de-carbonisation goals.
The Chinese government’s carbon peak and carbon neutral policies – also known as the dual carbon goals – marks a systemic change that is expected to have a broad and profound impact on both the economy and wider society, while building a zero carbon society.
Renewable energy roadmap
The company has developed a roadmap that focuses on the development of wind, solar, hydrogen and storage energy projects, alongside industrial intelligence, high-end medical equipment, and other new businesses. The establishment of the renewable energy entity is a vital step in the right direction.
The new company, which has received a total investment of RMB 3 billion, including RMB 2 billion from Shanghai Electric Group and RMB 1 billion from Shanghai Electric Wind Power Group, aims to become the most integrated and innovative provider of renewable energy projects and full lifecycle services.
A full lifecycle service platform for renewables
With the domestic market as the initial area of expansion, and an eye on expanding into international markets, Shanghai Electric New Energy Development will be committed to building a full lifecycle service platform for a renewable energy future by developing wind, solar, storage, thermal and hydrogen energy projects, as well as expanding the source-grid-load-storage integrated business.
Based on the platform, the firm plans to create integrated solutions centred on system optimisation, streamlined equipment, and intelligent control systems, providing strong support to the quality-driven development of Shanghai Electric Group's renewable energy business.
In the future, Shanghai Electric intends to focus on promoting industrial intelligence and the application of technologies, while facilitating interactions between the energy and the industrial Internet. Furthermore, the company plans to advance sustainable industrial development globally through the use of technologies by collaborating with government-owned parks, business customers, venture capital firms, technology partners and financial institutions.