State Development Investment Corporation (SDIC) announced on December 21 that its subsidiary, SDIC Power Holdings , completed its stock acquisition of a Swedish onshore wind energy project, Överturingen, according to Bjx.com.cn on December 23. SDIC Power holds a 50% stake and will manage the project in collaboration with asset management company CapMan Infra. Överturingen Wind Farm, located in Sweden, reached its Commercial Operation Date (COD) on December 15, with an installed capacity of 240.8MW. It is the largest single unit capacity among onshore wind plants globally that Chinese companies have invested in overseas and in high altitude-cold regions.

This is the first cross-border investment completed by UK-based Red Rock Power, which SDIC Power bought from Spanish fossil fuel company Repsol in February 2016 to expand its overseas businesses. By September 2019, Red Rock Power held shares of three wind power projects, all in the UK. The Swedish wind farm deal marks SDIC Power’s entrance into the Northern European onshore wind market as part of the company’s renewable energy generation (REG) deployment in Europe. As for SDIC Power’s domestic assets, by the end of 2018, its installed wind power capacity was nearly 1GW.

Wind power is one of the most mature and feasible electricity generating technologies in the REG sector. Citing statistics from the Global Wind Energy Council (GWEC), as of the end of 2019, the accumulated installed capacity of wind power worldwide was 651GW (651,000MW), with a CAGR of 20.12% at the end of 2001. Notably, China’s cumulative capacity was 210.05GW, almost one-third of the global total. Moreover, China, the US, India, Spain, and Sweden are the top five countries in terms of onshore wind power installation capacity, occupying 73% of the global total. GWEC forecasted that the capacity increment of wind power will exceed 355GW in the next five years.

Sources:

http://news.bjx.com.cn/html/20201223/1124400.shtml

https://www.sdicpower.com/gtdl/zyyw/gjxm/webinfo/2020/06/1592832449132934.htm

https://www.sohu.com/a/220378393_100012596

https://www.in-en.com/finance/html/energy-2243810.shtml

http://finance.sina.com.cn/roll/2019-12-14/doc-iihnzhfz5757395.shtml