Chinese cable and equipment provider ZTT announced in late November that it has signed a strategic partnership agreement with a subsidiary of China Yangtze Power to build a 500MW/1GWh shared energy storage plant in Rudong County, which is located on the coastline of Jiangsu Province. The agreement also involves deeper cooperation between the two entities in resource development, project development, technological innovation, etc. In its statement announcing this event, ZTT said that it aims to form a long-term, comprehensive, and stable partnership with China Yangtze Power. Together, they will be investing in a wide range of application fields.
The agreement intends both sides to fully leverage and combine their respective competitive advantages. Furthermore, they will be jointly investing and developing projects related to PV generation, energy storage, and data sharing. The term “development” encompasses construction, operation, technical services, etc. By engaging in full-scale cooperation, ZTT expects further vertical integration of “high-quality” resources from all sections of the supply chain as well as optimization of the capabilities of the local electric power industry in Jiangsu. As for the shared storage power plant that they will be working on, this project is currently scheduled for grid connection in December 2022.
China Yangtze Power is a subsidiary of state-owned China Three Gorges Corporation. Besides developing domestic renewable energy projects, China Three Gorges Corporation has also been proactively acquiring assets in Latin America and Europe in recent years.