The Maritime Executive
The Belgian dredging group DEME and China COSCO Shipping have formed a joint venture to develop offshore wind energy in China.
As the largest shipping company in the world, China COSCO Shipping says it wishes to enter this new market segment and has found a partner in DEME's subsidiary GeoSea, which has extensive experience in developing, building and maintaining offshore wind farms.
The cooperation is in line with China’s climate vision as set out in its 13th Five-Year Plan (2016-2020) for social and economic development.
China currently lags behind its target to boost the country's offshore wind power capacity due to technical problems and high costs, which in the absence of more state subsidies could dent its plans to install 10 gigawatts (GW) by 2020, developers said earlier this year.