Contemporary Amperex Technology (CATL), the global leader in electric-vehicle battery manufacturing, has received regulatory approval to invest RMB 13 billion ($1.83 billion) in its inaugural offshore wind power initiative, as reported by Caixin.
The Fujian Provincial Development and Reform Commission announced on Monday its endorsement for the construction of an 800-megawatt offshore wind farm project, accompanied by complementary energy storage and auxiliary endeavors.
The undertaking is spearheaded by Fujian Runshi Offshore Wind Power, a subsidiary established by CATL in April. CATL's green energy unit holds a commanding 96% stake in the newly formed company, while state-owned Fujian Mindong Electric Power and PowerChina Fujian Electric Power Engineering collectively possess the remaining shares.
Initiation of construction is mandated within the next two years. Once finalized, the offshore wind project, situated in the eastern offshore region near CATL's headquarters in Ningde, is poised to supply green energy to the company's battery manufacturing facility.