Caixin
Jun 04, 2021 06:13 AM
ENERGY INSIDER

Energy Insider: Sinopec Opens Its First Solar-Powered Gas Station; China Three Gorges Renewables’ IPO oversubscribed

In today’s Caixin energy news wrap: Sinopec opens its first solar powered gas station in Guangxi; China Three Gorges Renewables’ IPO 78 times oversubscribed; China issues $9.5 billion of carbon neutrality bonds; two Sinochem executives under investigation; Southern China enters main flood season.

Sinopec opens its first solar powered gas station in Guangxi

The first carbon-neutral gas station by China Petrochemical Corp. (Sinopec) officially went into operation in Baise, Guangxi province. The solar-powered gas station will keep 81.5 tons of carbon emissions out of the atmosphere per year, with a net reduction of 5.5 tons after offsetting the station’s own emissions. Sinopec’s Guangxi unit said it will advance the construction of carbon-neutral new-energy fuel stations. It aims to build 500 carbon-neutral gas stations in the region by the end of the 14th Five-Year Plan.

China Three Gorges Renewables’ initial offering oversubscribed

Shares of China Three Gorges Renewables (Group) Co. Ltd. (600905.SH) were oversubscribed by 78 times in an online lottery ahead of its planned 22.7 billion yuan ($3.6 billion) listing on the Shanghai Stock Exchange, the company said Wednesday in a filing with the bourse. The wind and solar unit of state-owned China Three Gorges Corp., which operates the world’s largest hydroelectric plant, is set to hold the largest-ever initial public offering by a Chinese power company when it lists on the exchange. The company set a preliminary price for of 2.65 yuan per share and plans to use the proceeds to build offshore wind farms.

Titan Wind to invest $94 million in wind turbine tower

Titan Wind Energy (Suzhou) Co. Ltd. (002531.SZ) said a subsidiary signed an agreement with the government of the Horqin district in Inner Mongolia to build a 120,000-ton wind turbine tower production project for 600 million yuan ($94 million). The company will establish a wholly owned unit in the Horqin district with a registered capital of 100 million yuan.

Carbon neutrality bond issuance reaches $9.5 billion

China issued 60.89 billion yuan ($9.5 billion) of carbon neutrality bonds since February, Du Junsheng, senior executive in the Market Innovation Department of the National Association of Financial Market Institutional Investors (NAFMII), disclosed at the 2021 Forum on Financial Markets Promoting the Development of High-Quality Integration in the Yangtze River Delta. Carbon neutrality bonds are a sub-category of green debt financing instruments. It mainly refers to instruments that raise funds specifically for green projects with benefits for reducing carbon emissions.

CNNPC’s Jiangsu Nuclear Power Unit 6 passes review for commercial service

China National Nuclear Power Co. Ltd. (CNNPC) (601985.SH) said Unit 6 of its subsidiary Jiangsu Nuclear Power was to complete its 100-hour full-power test Wednesday, meaning it would qualify for commercial operation. Unit 6 has a capacity of 1.118 million kilowatts. Once the unit enters operation, CNNPC will have 24 active nuclear power units, and its installed capacity will increase from 21.391 million kilowatts to 22.509 million kilowatts.

China Energy Investment signs cooperation agreement with Gansu government

China Energy Investment Corp. signed a strategic cooperation agreement with the government of Gansu Province, the company said Wednesday. Gansu, rich in wind and solar resources, will deepen cooperation with China Energy Investment in wind power, solar power and energy storage integration projects, photovoltaic plus ecological governance and power transmission.

Two Sinochem executives under investigation

Liu Jian, member and secretary of the Communist Party committee, vice president of the financial division of Sinochem Holdings Corp. Ltd., and general manager of China Foreign Economy and Trade Trust Co. Ltd., is under investigation on suspicion of serious disciplinary and legal violations, the country’s top graft buster said Wednesday. Fu Jianjun, former deputy general manager of the Sinochem Finance Co. Ltd. subsidiary of Sinochem, is also being investigated for suspicion of serious legal violations.

Southern China enters main flood season

Southern China entered its main flood season June 1, the official Xinhua News Agency reported. Heavy rainfall occurred seven times since May in regions south of the Yangtze River, southern China, Guizhou and other areas, according to the head of the Department of Flood and Drought Disaster Prevention of the Ministry of Water Resources. Heavy rains were expected from June 2 to 4 in many of the same regions, most likely pushing water levels past warning indicators along the Xiangjiang River in Hunan province, Xinjiang River in Jiangxi province, Jianxi River in Fujian province, Futunxi River in Fujian province and Guijiang River in Guangxi province. Some small to medium-sized rivers may expect major flooding.

Contact editor Bob Simison (bobsimison@caixin.com)

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