SolarReserve and Shenhua Group of China have signed a memorandum of understanding (MOU) for the development of 1GW of solar projects in China.
SolarReserve is a utility scale solar projects developer and it has developed solar thermal energy storage technology.
SolarReserve says that its solar thermal energy storage technology can be used for solving intermittency issues experienced by traditional energy sources.
The company claims that it helps in delivering 100% renewable baseload and dispatchable power with comparable capabilities to any fossil fuel or nuclear powered electricity generation methods.
SolarReserve CEO Kevin Smith said: "SolarReserve is excited about the opportunity to help China meet its emissions reduction goals by working with the world’s largest coal company as it expands into large scale solar thermal.
"Our 1,000 megawatt partnership with Shenhua is at a scale that will lead to substantially lower costs while contributing clean and renewable energy to China’s growing power needs.
"This is just part of China’s target to build 10,000 megawatts of CSP over the next five years."
As part of the MOU, SolarReserve will supply critical technology along with technical support services for building some of the advance solar thermal projects in China.
The power dispatch capabilities of these utility scale projects will help in developing wind and PV projects further and can ensure clean and renewable power being supplied through ultra-high voltage transmission lines.
Shenhua Group CEO Dr. Ling Wen said: "As part of Shenhua’s strategic objective to become a world-class clean energy provider, we are very interested in developing utility-scale concentrating solar power plants, and we look forward to working with SolarReserve in bringing its world-class proprietary technology to China."
State owned Shenhua Group is a leading coal-based integrated energy company and one of the largest coal suppliers.
Image: SolarReserve CEO Kevin Smith and Shenhua Group CEO Dr. Ling Wen signing the MOU. Photo: Courtesy of SolarReserve, LLC.