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Shares of a major Chinese infrastructure company surged to the maximum daily trading limit following the announcement of a significant engineering, procurement, and construction (EPC) contract for the largest solar and energy storage project in the world. The company’s stock closed up 10% at CNY7.19 (about USD1.04) in Shanghai trading.
A consortium, including the company’s Abu Dhabi division and its subsidiary specializing in engineering, recently signed a nearly CNY14 billion (USD2 billion) EPC agreement with a United Arab Emirates government-owned renewable energy firm. This deal pertains to a groundbreaking solar-plus-storage project set to become the largest of its kind globally.
Located in Mshayrif, Abu Dhabi, the project is a joint venture between the renewable energy firm and Emirates Water and Electricity. It plays a vital role in the UAE’s Vision 2050 energy strategy. The development features a 5.2-gigawatt photovoltaic power plant paired with a 19-gigawatt-hour energy storage system, with plans to cut carbon dioxide emissions by approximately 5.7 million tons annually once finished.
The project is divided into two main phases: north and south. The consortium will handle the design, procurement, and construction of both the photovoltaic and storage facilities, along with supporting infrastructure for the northern section, which will have an installed PV capacity of 2.1 GW and a storage capacity of 7.75 GWh.
Construction is anticipated to be completed and operational by 2027.
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