SHANGHAI ELEC GP UNSP/ADR - SIELY STOCK NEWS

Shanghai Electric has maintained its position as the leading provider of offshore wind power in China for eight consecutive years, with a cumulative capacity of 7.05 GW. The company is advancing the Dubai Photothermal Photovoltaic Project in partnership with ACWA Power, marking a significant construction milestone. It is set to produce new electrolyzed water hydrogen generation equipment, enhancing China's hydrogen output and reducing costs. The strategic focus on multi-energy coupling and hydrogen integration is aimed at achieving a sustainable low-carbon energy system while cooperating with various regions, including Asia and the Middle East.

Shanghai Electric has successfully launched the Thar Block-1 integrated coal mine and power project in Pakistan, which entered commercial operation on February 5, 2023. This project, featuring two 660MW high-parameter supercritical units, meets the electricity needs of nearly 4 million households, generating approximately 9 billion kilowatt-hours annually. With a total investment of nearly US$3 billion, it aims to alleviate local power shortages and strengthen energy security. The project has created over 15,000 jobs and contributed more than US$120 million in taxes, showcasing Shanghai Electric's commitment to community development and sustainable energy solutions.

On November 29, Shanghai Electric's 700MW solar thermal and 250MW photovoltaic plant in Dubai's Mohammed bin Rashid Al Maktoum Solar Park achieved grid connection for Trough Unit No. 1. This milestone is pivotal in Shanghai Electric's renewable energy efforts and aligns with Dubai's Clean Energy 2050 goals. The facility, the world's largest solar thermal project, utilizes 560,000 tons of molten salt and can generate power up to 15 hours continuously. Despite challenges like rising construction costs and supply chain delays, the project aims to supply clean energy to 320,000 families and reduce carbon emissions by 1.6 million tons annually.

The 7th Global Offshore Wind Summit took place in Hainan, China from November 10 to 12, 2022, organized by Shanghai Electric Wind Power Group. Chairman Miao Jun highlighted the importance of innovation in offshore wind power development. The summit featured discussions on the industry's future, focusing on capital and operating costs. Shanghai Electric is expanding into diversified offshore energy projects including hydrogen production and marine agriculture. The company secured a contract for the world's first floating wind power and fish farming project in Fujian, optimizing land use and reliability in this sector.

On October 24, 2022, Shanghai Electric concluded its Go! 0 Carbon Walker campaign aimed at promoting low-carbon living by encouraging walking instead of driving. Participants collectively completed steps that activated lights on a display, symbolizing zero-carbon projects. The first 1,200 participants who walked 20,000 steps will plant exclusive Zero-Carbon Trees in Yan'an, China, reinforcing the company’s commitment to sustainability. The initiative aligns with China's dual carbon goals for 2030 and 2060, contributing to urban ecological improvement and showcasing Shanghai Electric's role in environmental stewardship.

Shanghai Electric announced the opening of commercial operations for Block B at the Mohammed bin Rashid Al Maktoum Solar Park in Dubai, completing it 17 days ahead of schedule. The project faced challenges due to the pandemic, including delays in raw material shipments and labor issues, but a dedicated crisis team helped bring the project back on track. Each block has a capacity of 300 MW, with Block A operational since July 2021. Preparations for Block C are ongoing, ensuring continued progress in the solar park's development.

Shanghai Electric has ascended to 40th place on the 2022 Top 250 International Contractors list by Engineering News-Record, up from 51st in 2021. This ranking reflects revenue generated from major projects including a photovoltaic-thermal facility in Dubai and a coal mine in Pakistan. Despite challenges from the COVID-19 pandemic, the company maintained growth and contributed to an improvement in international turnover. In total, 79 mainland Chinese companies made the list, showcasing China's dominance in the global construction market.

Shanghai Electric has announced that Phase B of the 900-MW fifth phase of the Mohammed bin Rashid Al Maktoum Solar Park is now operational. The project aims to generate 2.268 billion kWh annually, powering over 240,000 homes and reducing carbon emissions by 1.1 million tonnes each year. Despite challenges, including pandemic-related supply chain issues, the project's team successfully managed costs and construction logistics, adding $3 million in extra costs due to site elevation changes. The entire project is part of Dubai's renewable energy vision, creating significant job opportunities.