(Yicai Global) July 7 -- British energy giant BP and Chinese solar power plant developer Jinko Power Technology are to join forces to explore potential opportunities for cooperation in the renewable energy field in China.

The two parties will partner on technological innovation, incubation of energy service capabilities as well as the development of and investment in photovoltaic projects, the Shangrao, eastern Jiangxi province-based firm said.
They are also looking at setting up a joint venture to build distributed PV power generation plants or ground-based solar power plants in China.

Jinko will have priority rights to provide equipment, general contracting, operation and maintenance services, according to the non-binding memorandum of understanding signed yesterday. BP China will have priority rights for developing reserve projects. Either Jinko or the new JV will provide low-carbon solutions for BP China’s operating assets, suppliers and partners.

Other oil majors such as the US’ ExxonMobil, France’s Total, the Netherlands’ Royal Dutch Shell have all invested in green energy companies recently. Total took a 66 percent stake in California-based Sunpower as early as 2011. Last July, Total and Shanghai-based Envision Group set up a jointly owned PV JV.

Shell has invested USD1.5 billion in renewable energy so far this year, accounting for 5 percent of its total energy investment, according to US investment bank JPMorgan. Shell China set up solar power plants at three gas stations in Tangshan and Qinhuangdao in 2018.

ExxonMobil has pledged to source half its electricity needs for a Texan oil field from renewable sources. The Sage Draw wind power plant will be completed this year and the Permian solar power plant is scheduled to come into operation next year.

The 20-megawatt solar power plant run by China Petrochemical, the state-owned energy giant better known as Sinopec, was connected to the state grid in 2017.

Editor: Kim Taylor