China

China

Ambitious plan unveiled in China

China Power International Holdings, the investment arm of CPI Development, one of China's five largest power generators, has unveiled an ambitious $4 billion renewable energy plan targeting ownership of 2000 MW of renewables capacity, including wind power, by the end of 2010 with a further 1000 MW after that.

China Power International (CPI) Holdings, the investment arm of CPI Development, one of China's five largest power generators, has unveiled an ambitious $4 billion renewable energy plan targeting ownership of 2000 MW of renewables capacity, including wind power, by the end of 2010 with a further 1000 MW after that.

Under its "Three 1000 MWs" plan, the company wants to build 1000 MW, buy 1000 MW, and have 1000 MW under development within the next three to four years. If achieved, renewable energy will account for 15% of CPI's power capacity, enabling it to easily meet a 5% green energy quota expected to be imposed on major energy firms.

CPI is already active in the wind sector. It is building two of the large concession projects put out to tender by the government in 2005. The 100 MW Anxi wind farm in north China's Gansu province is expected online by the end of this year and construction started in December on the 200 MW Dafeng wind farm in East China's Jiangsu province. Full operation is scheduled for the end of 2009. Despite speculation that the power purchase price agreed with government will mean Anxi runs at a loss, CPI says it will yield an 8% return.

CPI is also in a consortium awarded the contract to develop the country's first large scale offshore wind project, a 100 MW plant to be located close to Donghai Sea Bridge in Shanghai.

To further its renewable energy ambitions, CPI Holdings recently increased its shareholding in Oriental Investment Corporation to 16.9%, becoming the second biggest shareholder. Oriental is now changing its name to China Power New Energy Development Company and will focus solely on developing renewable energy.

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