China's energy giant has partnered with a leading power company in France to jointly develop an offshore wind power project in east China's Jiangsu Province, sources here said Wednesday.
China Energy Investment Corporation (CHN Energy) and EDF Group signed an agreement in Paris last month to build the offshore wind power project with a capacity of 500,000 kilowatts in the city of Dongtai, according to the sources with Guohua Energy Investment Jiangsu company, a subsidiary of CHN Energy.
The project is the first offshore wind power project with both domestic and foreign investment in China. A total of 7.94 billion yuan (1.18 billion U.S. dollars) will be invested, with EDF holding a 35 percent stake.
The project has two phases. The first phase, with a capacity of 300,000 kilowatts, has started construction and will be connected to the grid by the end of this year. The second phase, with a capacity of 200,000 kilowatts, will start construction this year and be put into operation by 2020.
The cooperation will push forward wind power development in the eastern coastal areas of China and improve the energy structure of the province, experts said.