President Hu Min Goes to UK to Host the Equity Delivery Ceremony for Dudgeon Offshore Wind Power Project
On March 15, Hu Min, the President of CR Power, traveled to London on behalf of China Resources Consortium to host the equity delivery ceremony for the British Dudgeon Offshore Wind Power Project. Rona Fairhead, the Managing Director of the UK Department of International Trade, Jin Xu, the Minister Counselor of the Chinese Embassy in the UK, Qin Feng, the CEO of China Resources Capital, Ding Yuankui, the Vice President of CR Power, and more than 50 representatives from project partners and investment consultant teams were present in this event.
In 2017, CR Power successfully won 30% equity of Dudgeon Offshore Wind Farm, subordinate to Statkraft, which is a Norwegian power company, with an investment of approximately GBP 550 million. On March 7 this year, the equity acquisition project was completed as scheduled. At the delivery ceremony, President Hu Min expressed his gratitude to the government departments of the two countries for their assistance and support in project cooperation, as well as the efforts and efforts of all parties. Mr. Hu said that under the policy guidance of the National “Belt and Road Initiative,” CR Power actively responded to the “going out” call of China Resources Group, to comprehensively promote the Company’s strategy during “13th Five-Year Plan” and effectively deploy overseas business. British Dudgeon Offshore Wind Farm is the sixth largest wind farm in the world. The project area has superb wind resource conditions, high utilization hours, great installed capacity, advanced application technology, strong profitability and good prospects for future development. At the same time, he indicated that it is the first overseas project of CR Power. By taking this project as the entry point, CR Power has successfully entered the UK market. In the future, it will explore the establishment of a European market platform and study international advanced technology and management experience, to lay a solid foundation for further expansion of the offshore wind power market and developing international business.
Rona Fairhead, Executive Minister of UK Department for International Trade, and Jin Xu, Minister Counselor of the Economic and Commercial Office of the Chinese Embassy in the United Kingdom, said that the ninth China-UK Economic and Financial Dialogue was successfully conducted and concluded. The two countries achieved a lot with the meeting. China Resources, as an outstanding central enterprise, took the lead in practicing the results of the dialogue. Success implementation of the British offshore wind power project represents the beginning of friendly cooperation between the two parties, and it is expected that the two parties will further strengthen cooperation and share development results.
British Dudgeon Offshore Wind Project is mutually managed by British Statoil, Masdar and China Resources Consortium. At the ceremony, Stephen Bull, the Senior Vice President of Statoil, said that the goal of Statoil was to utilize the rich offshore experiences to become a global leader in offshore wind power, especially floating technology. CR Power was experienced in the power industry and had excellent market performance, and so he hoped to take this opportunity to establish long-term strategic partnerships with CR Power and jointly develop the offshore wind power market.
Bader Al Lamki, the New Energy Executive Director of Masdar, said that the UK had a mature electricity market and superior business environment. Masdar had some investments in offshore wind power assets; subsidized electricity price and power generation capacity of Dudgeon Project were higher than the market average, and so they were very good assets, and Bader Al Lamki hoped that the three parties could work together for a win-win situation.
Tang Jie, the Deputy General Manager of International Business Department of CR Power, Rob Todd, the Managing Director of HSBC, and representatives of ARUP, NRF, BARINGA, and Deloitte, attended the delivery ceremony. During the visit, President Hu Min also led a team to visit the Chinese Business Office in the UK, project-related partners and inspected the project site.
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