Chinese battery giant Contemporary Amperex Technology (CATL) will develop its own offshore wind farm in China with an astounding investment of $1.83 billion, news platform Caixin Global reports.
Approval
CATL reportedly secured the approval of the Fujian Provincial Development and Reform Commission for the project construction on Monday, which will witness the rise of an 800-megawatt (MW) offshore wind farm and other relevant battery storage facilities in the province.
The world’s largest electric vehicle battery maker aims to invest 13 billion yuan ($1.83 billion) in its first-ever offshore wind farm project. The government requires CATL to commence the construction at the site within two years.
Project details
According to the report, CATL will erect its offshore wind farm near its Ningde headquarters in southeastern Fujian Province. It is expected to generate clean energy to support CATL’s local operations with a total capacity of 800 megawatts.
As mentioned, CATL must officially start the project development within two years. Its subsidiary, Fujian Runshi Offshore Wind Power, will manage the construction of the new facility.
CATL’s green energy unit controls 96% of the CATL’s green energy unit. Meanwhile, state-owned Fujian Mindong Electric Power and PowerChina Fujian Electric Power Engineering hold the remaining 4%.
About CATL
CATL is currently the leading battery maker not just in China but globally. It manufactures li-ion power cells for electric vehicles and battery energy storage systems (BESS).
It reported a remarkable profit growth of 48% to $6.3 billion last year amid the global shift to electric vehicles.
CATL’s move to develop its own wind farm is crucial for the Chinese battery giant to maintain its significant lead in the global industry. It can enable the company to generate sustainable energy to power its own operations, which also lowers the carbon emissions from battery production.
These efforts will play a major role in CATL’s goals to reach carbon neutrality across its core operations by 2025 and across its entire value chain by 2035.
