Shenzhen Energy to invest in major compressed air energy storage project

Shenzhen Energy Group Co., Ltd. announced a major investment in the Shenneng Xilingol West Ujimqin Banner grid-side compressed air energy storage project. The project, with a total investment of RMB 682,166 million, will be developed by Shenneng (West Ujimqin Banner) Energy Co., Ltd., a wholly-owned subsidiary of Shenneng North Energy Holdings Co., Ltd. Of the total investment, RMB 139,390 million will come from the company's own funds, with the remainder sourced through financing.

To facilitate this, Shenzhen Energy will increase the capital of North Energy Holdings by RMB 139,190 million, raising its registered capital from RMB 706,305.24 million to RMB 845,495.24 million. North Energy Holdings, in turn, will increase the capital of the project company by RMB 139,190 million, boosting its registered capital from RMB 200 million to RMB 139,390 million.

The project involves the construction of three 350 MW compressed air energy storage generator units, totaling 4,200 MWh, complemented by an underground cavern with approximately 600,000 cubic meters of gas storage. This initiative is expected to enhance grid stability and support the integration of renewable energy sources.