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Shenzhen Energy supports Belt and Road, intl projects

Updated: Aug 18, 2017 Print
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Shenzhen Energy Corp is one of a number of Futian-based enterprises that have been making concrete efforts to support the Belt and Road Initiative.

Sunon Asogli Power Ghana Co, a joint venture established by Shenzhen Energy Corp and China Africa Development Fund in Ghana, is the first overseas project launched by Shenzhen Energy.

The first phase of the Sunon Asogli project is a 200-megawatt natural gas-fired thermal power station, which supplies about 15 percent of Ghana's energy when it was put into operation in December 2012, greatly alleviating the power shortages in the country.

Shenzhen Energy began construction of the second phase of the project in May 2015, with the first set of generators put into use in April 2016. The second set of generators was put into use in June 2017, with the two sets of generators accounting for nearly 25 percent of Ghana's energy supply.

Following the success of the Ghana project, Shenzhen Energy is speeding up its expansion in overseas markets to realize new breakthroughs in supporting the Belt and Road Initiative.

Shenzhen Energy joined hands with Sinohydro Group in January this year and won a bid for a hydroelectric power station project in Papua New Guinea, marking the unveiling of another important project in the countries and regions along the Belt and Road.

Investment for the project is estimated to reach $877 million, with the power station planned to be put into operation in 2020.

"Our company was born in the initial development stage of the Shenzhen Special Economic Zone when the city lacked electricity. Our mission was to provide sufficient energy for the economic and social development of Shenzhen in order to ease its heavy energy demands," said Cao Hong, vice-president of Shenzhen Energy.

"Now there is no way out for us if we do not go global," Cao said, adding that the domestic electricity market has become saturated. Besides the projects in Ghana and Papua New Guinea, the company has set up offices in the United States, Serbia, Greece, Italy and Indonesia, as it steps up its efforts to seek overseas opportunities.

Cao said Shenzhen Energy, which is listed on the Shenzhen Stock Exchange, will continue to explore opportunities in electricity markets in countries and regions along the Belt and Road. "The company will recruit more international talent and adapt itself to an international operation environment, building more environmentally friendly projects in overseas markets," he added.

Shenzhen Daily provided the story.

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