Shanghai Electric New Energy Development will initially focus on projects in China, but will also have an eye on expanding internationally, it stated.
It will work with five unnamed partners to develop wind, solar, hydrogen and storage projects, as well as to develop grid solutions. It has also signed deals with ten unnamed financial institutions and industry partners to finance renewable energy, it stated.
Shanghai Electric New Energy Development will also benefit from investments totalling CNY3 billion (US$443 million) from its parent and sister companies, including CNY2 billion from Shanghai Electric Group and CNY1 billion from Shanghai Electric Wind Power Group.
It has not confirmed how much capacity it hopes to build, or whether it will target onshore wind, offshore wind or both.
Shanghai Electric’s wind turbine manufacturing arm has turbines ranging in power rating from 1.25MW to 11MW. Last year, its turbines accounted for just over 5.3GW of installed capacity worldwide – most of it offshore – according to BloombergNEF.