November 15, 2023 [Yicai]- Chinese wind power firm Sany Renewable Energy intends to invest CNY6.5 billion (USD896 million) to build a green ammonia digital demonstration project in China’s northeastern Jilin province.
The project will use wind and solar power to produce renewable hydrogen, which will be used to synthesize green ammonia, the Beijing-based firm said in a statement yesterday. The green ammonia produced will also be used to store hydrogen.
Sany Renewable has already announced three such type of projects this year. In January, it began construction of a green ammonia project in Bayannaoer in Inner Mongolia Autonomous Region, with a total investment of CNY4.3 billion. In April, the company signed a deal with the city of Delingha in Qinghai province to invest and build another of such projects.
The latest project, which will be located in Changling county in the city of Songyuan, will include photovoltaic and wind power plants, transmission lines, hydrogen and ammonia factories, as well as storage and transportation facilities, Sany Renewable noted, adding that the construction schedule is expected to be 18 months.
Sany Renewable will use self-raised funds to finance the project, which will help its business structure, broaden its business layout, continue to strengthen its core competitive advantages, and ensure the realization of its strategic goals, the company pointed out.
In the first three quarters of the year, Sany Renewable’s revenue rose 18 percent to CNY7.5 billion, while its net profit fell 1.2 percent to CNY1 billion from a year earlier.
Shares of Sany Renewable [SHA: 688349] were trading up 0.5 percent at CNY29.91 (USD4.12) as of 10.55 a.m. in Shanghai today.
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