An energy firm in China has just recently inaugurated China $7.7 Billion Renewable Energy Project in Shanxi province that shall have a good number of wind turbines, solar panels, and even a battery storage in an area that used to be a coal mine. This facility is located in derelict coal mining area in the heart of mining Datong (Shanxi Province) . The establishment of this project will foresee a boost in the placement of China as a major renewable energy powerhouse globally. Currently, the Asian state stands as the most grown renewable energy production country in the country which is accredited to the major developments on clean energy that have been implemented in the country.
Contractor of the China $7.7 Billion Renewable Energy Project
Jinneng Holding Group Co. who are the contractors of the project, kicked off its construction works on Friday. The company mainly focuses on improving the coal industry, strengthening the power industry, and also expanding and providing cutting-edge equipment to the manufacturing industry. Additionally, the company has a total of six established subsidiaries namely: Jinneng Holding Coal Industry Group, China Taiyuan Coal Trading Center, Jinneng Holding Finance Company, Jinneng Holding Equipment Manufacturing Group, Jinneng Holding Shanxi Science and Technology Research Institute Co.
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Upon completion, the China $7.7 Billion Renewable Energy project shall be connected to the national grid by the end of the year 2025, thereby supplying power to the country’s capital Beijing and the regions that surround it transmitting it through the Datong-Tianjin ultra-high voltage power line.
The establishment of this project comes after a record-breaking year that has foreseen quite a good number of renewable installations in the country. China attained an impressive installation of up to 230 GW, dwarfing any other country in the world according to a survey that was conducted by the International Renewable Energy Agency (IEA). Europe recorded a 40% growth from 2022 by adding 58 gigawatts. Currently, in the energy sector, solar energy stands as the cheapest form of electricity in many countries as a result of the decline in solar panel prices that drastically reduced from 40% to 53% in Europe between the period of December 2022 and November 2023 and are now prevailing at record lows.
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Capacity of the Project Facility
This mega project will possess a capacity of 6 gigawatts of both wind and solar energy and an impressive 3.4GWh of energy storage. According to a statement issued by the China’s energy bureau, the total installed solar capacity had attained an impressive 536GW which marked a 47% increase from the previous year as recorded by October 2023 and the wind capacity had risen to 404GW marking a 15.6% increase.
As of wind energy, China was among the few upcoming markets according to data that was released by the Global Wind Energy Council. All these efforts put China on track of attaining its ambitious target of 2030 that requires the Asian country to have set up 1,200 gigawatts of utility-scale solar and wind power capacity.
By the end of the month of November, China foresaw an impressive increase in the number of new solar panels as they doubled those that were installed in the year 2022. According to a survey that was conducted by Wood Mackenzie, China is set to have over 80% of the worlds solar manufacturing capacity through 2026 therefore making it capable to satisfy the yearly global demand for much of the coming decade.
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