SHANGHAI, May 13 -- China Guodian Corp, a state-owned power giant based in Beijing, Tuesday inked a cooperated agreement with the Shanghai municipal government to promote the development of new energy.
The company will set up Guodian Northern China New Energy Investment Co Ltd in Minhang District in Shanghai. The new company will invest in wind power and solar power and will demonstrate the use of distributed power generation and tidal power, according to the agreement.
It will also cooperate with SAIC Motor Corp Ltd<600104> to set up a project in Jiangsu Province to demonstrate the use of gas turbines, gasification and power system integration.
China Guodian plans to increase the proportion of renewable energy and nuclear power installed capacity to more than 30% of the total by 2015. By 2020, this proportion will be increased to 40%, said Chairman Zhu Yongfan.