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SHANGHAI, Dec. 15, 2020 /PRNewswire=KYODO JBN/ --

Shanghai Electric (the "Company") (SEHK: 02727, SSE: 601727), the world's

leading manufacturer and supplier of electric power generation equipment,

industrial equipment and integration services, has recently been accredited

with a AAA credit rating for international projects. Published in the China

International Contractors Association's (CHINCA) 2020 Enterprise Credit

Assessment for Chinese International Contractors and Labor Service Companies'

report, AAA is the highest given credit rating and marks Shanghai Electric as

being a reliable partner for international projects.

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Credit ratings granted by CHINCA are the authoritative measure of

creditworthiness in China and are formally recognized by the Chinese Ministry

of Commerce. The department closely examines an organization's comprehensive

quality, competitiveness, financial status, credit history, overseas market

development, and actual project implementation procedures. The results of this

evaluation are an important testament to the organizational quality of Shanghai

Electric and the Group's ability to operate overseas and undertake foreign projects.

Despite COVID-19, the Company has been striving to achieve its annual goals for

2020. Regarding outstanding overseas projects, the Company focused on ensuring

proper OHS standards, implementing rigorous anti-epidemic control measures

across the board. Despite international travel restrictions and limited access

to construction sites, Shanghai Electric ensures resources and materials arrive

at construction sites through careful organization and thorough strategic

planning, guaranteeing completion of critical parts of projects without

excessive time delay or costs.

One of Shanghai Electric's largest international projects, the Thar Coal

Block-1 2x660MW Power Plant Project in Pakistan, has been moving ahead with the

successful installation of the steel structure for the second boiler on November 12.

For the nearby Thar Coal Mine, excavation at a daily rate of 330,000 square meters

has moved a total volume of 28.75 million square meters of earth, accounting for

70 percent of the planned total. The joint Pakistani-Chinese project is soon to enter

the final stages, with the construction of the heating surface and excavation of

the remaining 30 percent of earth to begin soon.

PR Manager of the project, Qian Xiaolei said, "In order to ensure that the unit

was lifted on time, the project planning department had to overcome many

challenges. From preliminary planning and coordination to the deployment of

on-site construction resources, we ensured a safe and smooth on-site hoisting procedure."

The Company is also involved in the United Arab Emirates' renewable energy

transition with the 950MW CSP/PV Hybrid Power Generation Project. The solar

power station, comprised of 700MW CSP and 250MW PV, is the fourth phase of the

Mohammad Bin Rashid Al Maktoum Solar Park, a project developed by the Dubai

Water and Power Authority (DEWA) as part of Dubai's "clean energy strategy". On

November 14, the construction progress of the 950MW CSP/PV Hybrid Power

Generation Project in Dubai hit a new milestone with the successful fitting of

a 1,600-ton all-steel roof truss.

In a recent visit to the site of the power plant, HH Sheikh Mohammed bin Rashid

Al Maktoum, Vice President, Prime Minister and Ruler of Dubai said the solar

park will contribute to the clean energy development of the UAE.

In recent years, the Company is planning to further accelerate its pace to

support the development of the solar power industry. In July, the Group signed

an agreement on the fifth phase of 900MW Engineering, Construction and

Procurement (EPC) contractor in Dubai. As the official partner of the Dubai World

Expo in 2021, Shanghai Electric has been strengthening ties in the Middle East,

looking to show the world its commitment to new energy and international cooperation.

Source: Shanghai Electric

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