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CGN completes acquisition of Swedish power project

2018-07-17

China's largest nuclear power operator, China General Nuclear Power Corporation (CGN), recently acquired a 75 percent stake in a wind power project in Sweden.



CGN Europe Energy signed an agreement with Australian Macquarie Group and US-based General Electric Co to purchase a majority stake in the North Pole project, the largest single-site onshore wind farm in Europe.

The North Pole project, located in Pitea, is expected to have 179 sets of 3.63-megawatt wind turbines that will deliver 650 megawatt of power. The project is capable of supplying power to 400,000 families.

It will be fully installed and operational by the end of 2019, and upon completion it will reduce carbon dioxide emissions by 750,000 tons annually.

Tapping into the renewable energy market in Europe is a fixed strategy of CGN, according to Lu Wei, CEO of CGN Europe Energy.



CGN set up CGN Europe Energy in Paris, France in 2014. It has purchased and independently developed over 1 million kilowatts of wind and solar power assets in the UK, France, Belgium, Ireland and the Netherlands and is among the six largest clean energy operators in France, Lu said.

The successful acquisition of the Swedish project is a major step for the corporation, which is aimed at the Nordic market, Lu said, adding that the capacity of the company’s renewable energy assets in operation and under construction is nearly 1.6 million kilowatts.

CGN Europe Energy has bought Belgium's largest onshore wind farm, Esperance, which is also the world’s largest.

It also nailed down deals for France’s offshore floating wind power project in 2016 and owns the biggest investment project by a Chinese company in Ireland.