China to build $23.5b offshore wind project in Jiangsu province

It will have an installed capacity of over 10GW.

China is set to build a $23.5b (RMB160b) offshore wind power project in the waters of eastern Jiangsu Province, a report by news agency XinhuaNet revealed.

The Jiangsu government and China Huaneng Group reportedly signed an agreement on the project with a planned installed capacity of over 10GW. Both parties will also cooperate to build an industrial base on the development, manufacturing, construction, and maintenance of offshore wind farms, under the agreement.

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“The new wind-power project will help meet Jiangsu's increasing demand for energy, as the province is accelerating its pace of industrial restructuring, according to the Jiangsu government,” the report highlighted.

Wind has become China's third largest power source after coal and hydro. According to the Global Wind Energy Council, China ranked third in terms of the total installed capacity of offshore wind turbines, accounting for 11% of the world's total as of the end of 2016, after the UK and Germany.