SolarReserve and Shenhua Group have signed a memorandum of understanding (MOU) to construct 1,000 megawatts of solar thermal projects in China.
Leveraging on their solar storage technology, SolarReserve is claimed to deliver clean and reliable 24-hour solar power allowing the delivery of 100% renewable baseload and dispatchable power with operational capabilities comparable to traditional fossil-fired and nuclear electricity generation methods.
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SolarReserve CEO Kevin Smith said: "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."
Shenhua Group is said will utilise their experience in developing, funding, constructing and operating power plants.
During the partnership, Shenhua Group will provide critical technology, along with technical support services to construct the advanced solar thermal projects in China.
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By GlobalDataThe power dispatch features 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 which are being built to generate clean, renewable power from the north and west regions of China to load centres in the east.
US Secretary of Commerce Penny Pritzke said: "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."
Image: Representatives during signing the MoU. Photo: courtesy of SolarReserve.
