PowerChina targets Africa for renewables-focused growth
China's state-owned Power Construction Corp (PowerChina) is aiming for significant growth in Africa, focusing on renewable energy projects as part of its overseas expansion strategy, a company executive said.
Chinese lending to African governments has fallen sharply from a 2016 peak of about $28-billion a year as Beijing grows more cautious about debt risk, but state-backed companies such as PowerChina are still pushing ahead with new projects, increasingly in renewable energy rather than coal.
Africa is PowerChina's second home, company executive Chen Guanfu said at a Bloomberg event on Tuesday, adding that it aims to establish operations in almost every African market within five years.
Chen said that Africa accounts for about 30% of PowerChina's overseas revenue, with the figure expected to rise to 40% to 45% by 2030. The company expects the growth to be driven by increased development of clean-energy plants, hydropower dams and gas-fired power stations.
In South Africa, PowerChina has renewable energy projects worth about $3.5-billion, including solar photovoltaic installations and the Redstone concentrated solar power project. The company has previously delivered projects such as Ethiopia's Adama wind farm.
Highlighting the Oya hybrid renewable energy project in South Africa, Chen described it as a pioneering effort to stabilise power from intermittent green sources. The project is in collaboration with partners including South Africa's Eskom.
Chen said the project is a pilot model not only for Africa but for PowerChina's more than 100 overseas markets.
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