SOE plans to step up efforts in renewable sector at home, abroad, vows bigger role in carbon reduction

China Energy Investment Corp vows to further accelerate overseas investments in the renewable energy sector, as it speeds up the green transition at home and abroad.

The company has been actively seeking opportunities to expand its clean energy portfolio and contribute to reducing the world's carbon footprint amid the global transition to cleaner energy sources, Huang Qing, a company spokesman, said during a news conference in Beijing on Thursday.

As of June, the total value of the group's overseas assets exceeded 65.4 billion yuan ($9 billion), with 14 overseas projects located primarily in South Africa, Greece, Indonesia, Australia and Germany, covering businesses from wind power to engineering and technical research and development, it said.

The De Aar Wind Farm in South Africa, the largest such project in the country, which is financed and operated by China Energy, has facilitated South Africa's low-carbon transition while easing its energy shortage, providing 760 million kilowatt-hours of clean power a year since it went into operation in 2017, equivalent to the amount of power provided by 215,800 metric tons of standard coal, the company said.

All 163 wind turbines on the wind farm apply the 1.5-megawatt model developed by the company, with a maximum utilization rate of up to 99.82 percent. The project has further facilitated the international expansion of China's wind power technology, standards, management and equipment along the entire industry chain, it said.

An analyst said China has emerged as a global leader in clean energy investment in recent years, with Chinese companies making significant strides in expanding their presence and influence in overseas clean energy markets.

Chinese companies recognize the global demand for clean energy solutions and see opportunities to leverage their expertise in renewable energy technologies, such as solar, wind and hydroelectric power, said Luo Zuoxian, head of intelligence and research at the Sinopec Economics and Development Research Institute.

By stepping up overseas clean energy investments, they aim to play a key role in this transition and become major players in the global energy landscape, he said.

The company has also been accelerating the construction of massive wind and solar power facilities nationwide while pushing forth the clean utilization of coal.

The group's installed renewable energy capacity has hit a record, surpassing 100 million kilowatts by the end of August, accounting for 33.2 percent of the company's total installed capacity — an increase of 7.4 percentage points compared to the figure at the end of the 13th Five-Year Plan (2016-20).

Among them, the installed capacity of new energy reached 82.73 million kW, up 74 percent compared to the end of the 13th Five-Year Plan. The company has cumulatively commissioned 52.8 million kW of power generation capacity since the beginning of the 14th Five-Year Plan (2021-25), with clean and renewable energy accounting for over 65 percent, reaching 35.28 million kW.