Three Gorges unveils 16.5 GW renewable energy plan in China
November 1, 2024
Three Gorges has revealed plans for a 16.5 GW renewable energy project in China’s Taklamakan Desert, which includes 8.5 GW of solar power, 4 GW of wind, 3.96 GW from six ultra-supercritical coal-fired units, and 5 GWh of electrochemical energy storage.
November 1, 2024
China’s state-owned Three Gorges Energy has announced plans to invest in a massive integrated renewable energy base in the Taklamakan Desert, in the country’s Xinjiang region.
The total investment for the project has been projected at approximately CNY 71.848 billion ($10.09 billion). It will include 8.5 GW of solar power, 4 GW of wind power, and six ultra-supercritical coal-fired units, each with a capacity of 660 MW, totaling 3.96 GW of installed capacity, along with 5 GWh of electrochemical energy storage.
Three Gorges Energy’s subsidiary, Three Gorges Bazhou Ruoqiang Energy Co. Ltd., will lead the investment. Shareholders in the subsidiary include Three Gorges Energy, China Yangtze Power Co. Ltd., Three Gorges Capital Holdings, and Yangtze Three Gorges Investment Management Co. Ltd., holding stakes of 34%, 33%, 16.5%, and 16.5%, respectively.
The registered capital will represent 25% of the total investment, amounting to about CNY 18 billion, contributed by the shareholders in proportion to their stakes. The remaining 75% will come from syndicated loans, financial leasing, and entrusted loans.
The announcement stated that a significant portion of the electricity generated from this integrated “wind-solar-fire-storage” project will transmit via ultra-high voltage direct current (UHVDC) lines under construction, connecting southern Xinjiang to the Sichuan and Chongqing regions. The overall construction period is anticipated to be three to four years, with timelines for renewable energy and storage projects adjusted based on the progress of supportive coal-fired projects and electricity transmission lines, ensuring synchronized generation and consumption.
Once completed, Three Gorges Energy estimates the entire project will deliver approximately 36 TWh of clean electricity per year to the Sichuan and Chongqing regions. The project is also expected to significantly aid in sand control in the Taklamakan Desert region.
The company indicated that all relevant renewable energy projects have secured construction indicators and are advancing through the pre-approval process. The supportive coal-fired project has received necessary approvals, including environmental impact assessments and energy-saving evaluations, though land use permits are still pending. Other preparatory work is progressing in an orderly manner.
On the same day, Three Gorges Energy released its third-quarter report for 2024, revealing revenue of CNY 21.76 billion for the first three quarters, a year-on-year increase of 12.81%. However, net profit decreased by 6.31% to CNY 5.093 billion.
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