On March 17, Wintime Energy Co.Ltd(600157) announced that the company signed a cooperation agreement with China Yangtze Power Co.Ltd(600900) (hereinafter referred to as China Yangtze Power Co.Ltd(600900) ) and the preparatory group of Henan Branch of China Three Gorges Group Co., Ltd. (hereinafter referred to as Henan Branch of Three Gorges group) to establish a joint venture in Zhengzhou to jointly invest in the construction of energy storage projects and other new energy projects in Henan Province.
It is disclosed that China Yangtze Power Co.Ltd(600900) is the controlling entity of the joint venture, and the Henan Branch of the Three Gorges group is the participating shareholder in concerted action. The total shareholding ratio of the above two parties is no less than 60%. In addition, the joint venture will simultaneously develop and construct centralized wind power and photovoltaic projects in Henan Province to realize the joint and synergistic benefits of energy storage and various green power. The investment and operation scale of the joint venture project is expected to reach 10 million kilowatts by 2030.
According to the plan, the energy storage projects operated by the joint venture in the future will be linked with the thermal power projects affiliated to Wintime Energy Co.Ltd(600157) to meet the power demand of the energy storage projects and greatly improve the power generation hours and operating performance of the company’s thermal power projects. At the same time, the joint venture will simultaneously develop and construct centralized wind power and photovoltaic projects in Henan Province to realize the integrated layout of “scenery, fire and storage”.
Wintime Energy Co.Ltd(600157) said that this cooperation will accelerate the transformation of the company to the field of new energy, and the company will strive to control and participate in more new energy projects than traditional energy projects within 10 years. Moreover, through cooperation with industry leading central enterprises, it helps the company to improve its strategic planning, talent training and operation management.
