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Shenhua gains approval for first offshore wind power project

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Publish time: 22nd July, 2015      Source: www.cnchemicals.com
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China’s largest coal producer Shenhua Group has obtained approval from the Provincial Development and Reform Commission of East China’s Jiangsu province to build an offshore wind power plant in Dongtai, said the State-owned Assets Supervision and Administration Commission on July 20.The approval marked a substantial progress in Shenhua’s move into the offshore wind power field.The Dongtai Phase 4 offshore wind power plant, about 42km off the coast, has a designed installed power generation capacity of 300 MW, including 75 wind turbines each with capacity of 4 MW.This may imply that Shenhua has started to explore new energy businesses to seek a new driver of profit growth, as its engagements in coal and thermal power sectors face a gloomy future.Its listed subsidiary, China Shenhua Energy Co., Ltd., may see H1 earnings slide 40% on year, according to a research report from CITIC Securities.