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Equinor, China Power to collaborate on offshore wind across China, Europe

Norway's Equinor ASA and China Power International Holding Ltd. signed a cooperation agreement to work together on offshore wind across China and Europe.

Under the memorandum of understanding, the companies will develop new offshore wind farms in both jurisdictions. The agreement also opens up the possibility of further collaboration, according to a Sept. 25 news release.

Equinor is the second European developer to make a play for the Chinese offshore wind market, following in the footsteps of Electricité de France SA. "China is rapidly increasing its use of renewables and natural gas. The country is set to become the world's biggest offshore wind market by 2030," said Pål Eitrheim, executive vice president of new energy solutions at Equinor.

Responding to news of the partnership, Søren Lassen, senior research analyst at Wood Mackenzie, said in an emailed statement that offshore wind developers are "aggressively" pushing into new markets through greenfield projects, pipeline acquisitions and alliances.

Equinor has also positioned itself for development opportunities in other "fledgling" offshore wind markets such as Poland, South Korea and the Canary Islands, Lessen said, adding "The MoU between CPIH and Equinor comes in the wake of the Norwegian company's two major tender victories in the U.S. [for the 816-MW Empire Wind project] and U.K. for 1,800 MW."

China Power International Holding, a subsidiary of Chinese state-owned SASAC, had a total installed capacity of 35.17 GW by the end of 2017, of which 44.87% is renewable capacity.