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Equinor and CIMC Raffles forge offshore wind pact

Norway’s Equinor is joining forces with Chinese yard CIMC Raffles to develop renewable energy projects in China.

The deal will see the two companies jointly mature and develop early and at scale offshore wind projects in the Shandong province.

With China planning to generate up to 65 GW of offshore wind power by 2030, Shandong province could see a total of 23 GW capacity set up by 2025.

“The agreement with CIMC Raffles has the potential to support Equinor’s strategy to become a global offshore wind major by building scale in core areas and securing growth options in attractive markets for offshore wind,” Equinor’s spokesman said.

The Equinor deal further strengthens CIMC Raffles energy transition game, after the yard recently signed a contract with compatriot Boqiang Heavy Industry Group to build a wind turbine installation vessel scheduled to deliver in early 2023.

The ship will be capable of installing turbines of up to 20 MW and puts China firmly on the map to compete in the new round of supersized offshore wind turbines.

China is expected to lead offshore wind farm development in the coming years as well as the operations and maintenance (O&M) market, which is expected to reach $12bn by 2029.

Adis Ajdin

Adis is an experienced news reporter with a background in finance, media and education. He has written across the spectrum of offshore energy and ocean industries for many years and is a member of International Federation of Journalists. Previously he had written for Navingo media group titles including Offshore Energy, Subsea World News and Marine Energy.
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