Energy China plans to expand into overseas markets
China Energy Engineering Group Co Ltd, or Energy China Group, has pledged to further develop its global business, particularly in clean energy projects overseas, by establishing its global trading subsidiary, China Energy International in Beijing on Wednesday. Group Co Ltd.
The company has seen the total value of its signed contracts for overseas projects reach 170 billion yuan ($ 26.33 billion) last year since it began expanding its global business 40 years ago. years. The value of the contracts under discussion exceeds 700 billion yuan, according to the statement.
The contract amount for more than 200 large and medium-sized projects under construction has reached 500 billion yuan, he added.
China Energy took all the rights and obligations of the Gezhouba group in early September and issued A shares to the shareholders of the Gezhouba group to absorb and merge the company. It then got A + H quotes and can carry out capital transactions in the H-share market and the A-share market at the same time, which will help the conglomerate to further expand its funding channels, broaden its influence. brand and improve its competitiveness.
The merger is to date the largest restructuring business in the global construction industry.
The first shares of Energy China Group jumped 40.31% to 2.75 yuan in Shanghai on Tuesday. Energy China’s Shanghai-listed shares rose 10.18% to close at 3.03 yuan per share on Wednesday.
âEstablishing a strong presence abroad, particularly in the wind, solar and hydropower sectors, is a key part of our business strategy to become a class-leading clean energy group. global, âsaid Song Hailiang, chairman of Energy China Group, adding that the group sees enormous potential for clean energy development for years to come, especially in countries and regions participating in the initiative. Belt and the Road “.
First case of merger-acquisition by a listed company of a central company, their unification is considered as a model for the three-year action of the reform of public companies.
Song said that Energy China Group has built a solid reputation on the world stage over the past few years with its high quality projects, including NK / JC hydroelectric power plant in Argentina, the reservoir’s 60 MW floating photovoltaic project Tengger in Singapore, the Sao Lourenco Water Supply Project in Brazil and the Umm Al Quwain Independent Water Supply Project in the United Arab Emirates.
Founded in September 2011, Energy China Group is a large international advanced energy engineering conglomerate with a well-known brand in the power industry in China and the world. It is supervised by the State Heritage Supervisory and Administration Commission.
âChina is today the undisputed world leader in clean energy production, and the massive increase in the capacity of variable renewable energy, mainly solar and wind power, has created a broad and in-depth expertise for developers and suppliers of equipment nationwide, âsaid Joseph Jacobelli, an energy specialist. Analyst and Senior Advisor for Asia at Cenfura Ltd, a smart energy services company.
The experience makes them very competitive and they could become key players overseas in a few years as they are still learning how to successfully navigate different overseas markets, he said.
Jacobelli said he believes there will be more and more companies with renewable energy portfolios listed on Chinese stock exchanges, a trend that should also be seen in foreign stock markets.