by Staff Writers
Santa Monica CA (SPX) May 05, 2016
SolarReserve, LLC, a leading global developer of utility-scale solar power projects with proprietary advanced solar thermal energy storage technology, and Shenhua Group Corporation, Ltd., a key state-owned enterprise in the People's Republic of China, announced the companies have signed a Memorandum of Understanding (MOU) to build 1,000 megawatts of solar thermal projects in China.
SolarReserve's solar storage technology solves the intermittency issues experienced with other renewable energy sources, enabling the delivery of 100% renewable baseload and dispatchable power with operational capabilities comparable to traditional fossil-fired and nuclear electricity generation methods.
The announcement was made on Monday in a signing ceremony in Washington D.C. attended by U.S. Deputy Secretary of Energy Dr. Elizabeth Sherwood-Randall and U.S. Deputy Secretary of Commerce Bruce Andrews.
"Today's announcement is a perfect example of how innovative American companies are playing a leading role in the clean energy economy. This deal will support American exports and American jobs while simultaneously helping China meet the emission reduction goals it set under the Paris Climate Agreement. I am so pleased that last year's trade mission, led by the Departments of Commerce and Energy, was instrumental in bringing this deal to fruition," said U.S. Secretary of Commerce Penny Pritzker.
As a world-leading coal-based integrated energy company and the world's largest coal supplier, Shenhua Group ranked 196th among the Fortune Global Top 500 Companies in 2015.
The collaboration will leverage Shenhua's deep expertise in developing, funding, constructing and operating power plants. SolarReserve will supply critical technology, along with technical support services to construct the most advanced solar thermal projects ever built in China.
The unique power dispatch capabilities of these utility scale projects will facilitate the deployment of additional wind and PV generation, while ensuring the reliability and security of the new ultra-high voltage transmission lines being constructed to bring clean, renewable power from the north and west regions of China to load centers in the east.
"As part of Shenhua's strategic objective to become a world-class clean energy provider, we are very interested in developing utility-scale concentrating solar power plants, and we look forward to working with SolarReserve in bringing its world-class proprietary technology to China," said Dr. Ling Wen, CEO of Shenhua Group.
"SolarReserve is excited about the opportunity to help China meet its emissions reduction goals by working with the world's largest coal company as it expands into large scale solar thermal," said Kevin Smith, SolarReserve's CEO.
"Our 1,000 megawatt partnership with Shenhua is at a scale that will lead to substantially lower costs while contributing clean and renewable energy to China's growing power needs. This is just part of China's target to build 10,000 megawatts of CSP over the next five years."
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