Caixin
Jul 02, 2021 08:16 AM
ENERGY INSIDER

Energy Insider: Longyuan Power Inks Carbon Trading Deal in South Africa; Tongwei Plans $2.2 Billion High-Purity Silicon Project

In today’s Caixin energy news wrap: Chinese offshore drilling rig giant gets $129 million SOE cash injection; Tongwei plans to invest $2.2 billion in high-purity silicon project; a power complex will be built in Huizhou; and China develops new power generation using hot dry rock.

Longyuan Power inks $1.1 million overseas carbon trading deal

The South Africa branch of China Longyuan Power Group Co. Ltd., a subsidiary of state-owned China Energy Group, signed a $1.1 million carbon trading contract in South Africa for 630,000 tons of emission quota. The firm's De Aar wind power project is the only large-scale renewable energy project registered in South Africa that meets voluntary emission reduction standards under which emission quota buyers pay to fulfill voluntary emission reduction obligations.

Chinese offshore drilling rig giant gets $129 million SOE cash injection

China International Marine Containers (Group) Ltd. (000039.SZ) signed a $129 million strategic cooperation agreement with a state-owned enterprise to shore up its struggling marine engineering operations, the Shenzhen-based company said Wednesday. State-owned investment company Yantai Guofeng Investment Holdings Co. Ltd. agreed to invest 835 million yuan ($129 million) in a joint venture with China International Marine Containers. The deal is intended to integrate the container enterprise’s money-losing marine engineering and fishery assets in the Yantai area and form a development platform for deep sea industries, the company said.

Tongwei to invest $2.2 billion in high-purity silicon project

Chinese polysilicon maker Tongwei Co. Ltd. (600438.SH) said it plans to invest 14 billion yuan ($2.2 billion) to build a high-purity crystalline silicon project in Sichuan with an annual output of 200,000 tons. The first phase of the project with investment of 7 billion yuan is scheduled to start production by late December 2022.

Guangdong Electric unit to build power complex in Huizhou

Guangdong Electric Power Development Co. Ltd. (000539.SZ) said one of its subsidiaries won regulatory approval to build a power generation complex in Huizhou, Guangdong province. The project, consisting of two gas powered generating units with capacity of 600,000 kilowatts each, will involve investment of about 3.82 billion yuan ($592 million).

Hot dry rock resource is used to generate power in Hebei

A pilot project in Hebei province successfully generated power from hot dry rock resources, marking a breakthrough in China’s effort to develop the geothermal resource for clean energy generation, the Guangming Daily reported Tuesday. Considered as a key potential energy source for the future, hot dry rock power generation converts underground thermal energy into electricity.

First unit at the Yangfanggou Hydropower Station starts operation

The first unit at the Yangfanggou Hydropower Station located on the Yalong River — a major national project in Liangshan Yi autonomous prefecture, Sichuan province — officially connected to the Sichuan power grid to deliver electricity. It is the first 1 million kilowatt hydropower station to be designed and constructed in China. The project is expected to have a total installed capacity of 80 million kilowatts. Upon completion, it will become one of the world’s largest green and clean energy bases.

Beijing Shougang expects a 542% first-half net profit rise

Beijing Shougang Co. Ltd. (000959.SZ) Wednesday estimated a 542% jump in first-half net income to 3.36 billion yuan (520 million). The company attributed the stronger profitability to capital operations, asset investments.

Contact editors Han Wei (weihan@caixin.com) and Bob Simison (bobsimison@caixin.com)

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