China National Nuclear Power Co., Ltd (CNNP) announced on March 8 to invest RMB 80 billion (USD 11.6 billion) to develop nuclear power and new energy according to its development plan and business plan.
China’s nuclear giant invests 80 billion in new energy business
CNNP said that the investment will mainly be used for nuclear power, multi-purpose nuclear power, new energy, single fixed assets investment projects, and capital injection and acquisition projects. The investment increased by nearly 60% compared with the RMB 50.6 billion in 2022, and also reached a new high since its listing.
Headquartered in Beijing and affiliated to China National Nuclear Corporation, CNNP was listed on the Shanghai Stock Exchange in June 2015, mainly engaged in the development, investment, construction, operation and management of nuclear power projects.
In addition to nuclear power, CNNP has also been developing new energy business in recent years. At the end of 2020, the company completed the acquisition of CNNP Rich Energy Co., Ltd (CNNP Rich Energy) and the integration of the new energy platform.
Founded in November 2011, CNNP Rich Energy is positioned as a professional platform for CNNP’s development, construction and operation of the non-nuclear clean energy industry.
In May last year, CNNP Rich Energy implemented capital increase and share expansion, and decided to introduce seven strategic investors, raising a total of RMB 7.5 billion (USD 1.1 billion), which contributed to optimizing its capital structure and accelerating the construction of new energy projects.
By the end of 2022, CNNP has an installed capacity of 12.5307 million kilowatts in operation, including 4.2074 million kilowatts of wind power, 8.323 million kilowatts of solar power and 2.11 million kilowatts of independent energy storage power stations.
Meanwhile, the company held 5.726 million kilowatts of new energy projects under construction, including 1.555 million kilowatts of wind power and 4.171 million kilowatts of solar. They also aim for 30 million kilowatts of new energy by the end of 2025.
