PR97150

SHANGHAI, July 22, 2022 /PRNewswire=KYODO JBN/ --

The inauguration ceremony of Shanghai Electric New Energy Development Co.,

Ltd.<https://www.shanghai-electric.com/group_en/c/2019-11-13/551389.shtml> was

held on July 15, marking the accelerated expansion and growth of Shanghai

Electric's green, low-carbon business.

During the ceremony, Shanghai Electric Group announced its renewable energy

roadmap alongside agreements with five partners to jointly develop renewable

energy projects, in addition to establishing strategic partnerships with over

ten financial institutions and industry partners to build a financial ecosystem

for the renewable energy sector.

Shanghai Electric, a leading global integrated manufacturer of high-end

equipment, has been building new comprehensive power systems and a complete

solution for futuristic zero-carbon industrial parks in a move to take the lead

in helping the Chinese government achieve its de-carbonization goals.

The Chinese government's carbon peak and carbon neutral policies, also known as

the dual carbon goals, is a systemic change that is expected to have a broad

and profound impact on both the economy and the whole of society while building

a zero carbon society.

As a response to China's 14th Five-Year Plan, the company has developed a

roadmap that focuses on the development of wind, solar, hydrogen and storage

energy projects, alongside industrial intelligence, high-end medical equipment,

and other new businesses.

The establishment of the renewable energy entity is a vital step in the right

direction. The new company has received a total investment of RMB 3 billion,

including RMB 2 billion from Shanghai Electric Group and RMB 1 billion from

Shanghai Electric Wind Power Group each, and is aimed to become the most

integrated and innovative provider of renewable energy projects and full

lifecycle services.

With the domestic market as the initial area of expansion and an eye on

expanding into international markets, Shanghai Electric New Energy Development

will be committed to building a full lifecycle service platform for a renewable

energy future by developing wind, solar, storage, thermal and hydrogen energy

projects, as well as expanding the source-grid-load-storage integrated

business. Based on the platform, the firm plans to create integrated solutions

centered around system optimization, streamlined equipment, and intelligent

control systems, providing strong support to the quality-driven development of

Shanghai Electric Group's renewable energy business.

In the future, Shanghai Electric intends to focus on promoting industrial

intelligence and the application of technologies while facilitating

interactions between the energy and the industrial internet. Furthermore, the

company plans to advance sustainable industrial development globally through

the use of technologies by collaborating with government-owned parks, business

customers, venture capital firms, technology partners and financial

institutions, with the ultimate goal of creating a better world for all.

Fengxian District Party Committee secretary, Li Zheng, and Shanghai Electric

Group's Party Committee secretary and chairman, Leng Weiqing, both delivered

speeches at the inauguration ceremony and welcomed the start of the new

business.

In attendance were several government officials and top management executives,

including Fengxian District Party Committee deputy secretary and mayor, Yuan

Quan; Shanghai Electric's Party Committee deputy secretary and president, Liu

Ping; Bank of China Shanghai Branch general manger, Zhang Shouchuan; Shanghai

Guosheng Group's Party Committee secretary and chairman and Shanghai Guosheng

Capital Management chairman, Shou Weiguang; Shanghai Electric Power

Construction's Party Committee secretary and chairman, Jiang Lindi; and China

Merchants Bank executive VP and Shanghai Branch general manager, Shi Shunhua.

In addition, other executives from Shanghai Electric Group and major financial

institutions, including banks, and securities firms and trust companies, as

well as several journalists were also part of the ceremony.

About Shanghai Electric

Shanghai Electric Group Company Limited (SEHK: 2727, SSE: 601727) is a

world-class high-end equipment manufacturer, focusing on smart energy,

intelligent manufacturing and smart infrastructure to provide green and

intelligent industrial-grade system solutions. It has a global presence in

industries such as new energy, efficient clean energy, industrial automation,

medical devices and environmental protection.

SOURCE  Shanghai Electric

Image Attachments Links:

   Link: http://asianetnews.net/view-attachment?attach-id=426065

   Caption: Introducing Shanghai Electric New Energy Development Co., Ltd.

   Link: http://asianetnews.net/view-attachment?attach-id=426066

   Caption: Shanghai Electric aims to develop renewable energy projects and build a

financial ecosystem in the sector