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MarketScreener Homepage  >  Equities  >  Hong Kong Stock Exchange  >  Shanghai Electric Group Company Limited    2727   CNE100000437

SHANGHAI ELECTRIC GROUP COMPANY LIMITED

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Shanghai Electric : has been awarded EPC contract for 5th phase project of Dubai solar park

08/03/2020 | 09:20am EST

SHANGHAI, Aug. 3, 2020 /CNW/ -- Shanghai Electric Group has been appointed by ACWA Power of Saudi Arabia, as the Engineering, Construction and Procurement (EPC) contractor, to deliver the fifth phase project of the Mohammed Bin Rashid Al Maktoum Solar Park in Dubai, with capacity of 900MW. Zheng Jianhua, Chairman of Shanghai Electric Group, and Muhammed Abunayyan, Chairman of ACWA Power, signed a cooperative agreement at an online signing ceremony on July 28.

The Solar Park project is the largest single-site solar power plant in the Middle East. It comprises both photovoltaic and concentrated solar power technologies and will boast a total capacity of around 5GW once complete.

The two groups have been cooperated with each other in the 700MW Concentrated Solar Power (CSP) project and the 250MW PV solar power project, which are the fourth phase of the Solar Park. Shanghai Electric Group worked with ACWA Power for bidding the tender of the latest phase of 900MW and finally won.

The global solar power industry is booming in the recent years. Marked by this new phase of partnership, Shanghai Electric Group has cemented its expansion in new energy sector in the Middle East and is expected to expand eventually across the globe.

"ACWA Power and Shanghai Electric are both acknowledged as important participators in the global energy field. The contract signing of 900MW Solar Park project is another milestone along the journey of the pair's cooperation. I hope the upcoming plant will be another benchmark in the region as well as worldwide," said Zheng at the ceremony.

Abunayyan said at the event that since the inception of the partnership in 2008, ACWA Power and Shanghai Electric Group have made quite a lot of breakthroughs, demonstrating to the world that the Group is a reliable and trusted partner. "As we move swiftly forward with implementation, the signing of the EPC contract between ACWA Power and Shanghai Electric for the fifth phase of the Solar Park project represents a crucial milestone of the cooperation between the two companies," said Abunayyan. He added that to the latest project, the Group will bring more pioneering technologies and create larger value than before.

The Mohammed Bin Rashid Al Maktoum Solar Park will be a key pillar in fulfilling Dubai Clean Energy Strategy 2050 to increase the share of clean energy in Dubai's total power output to 75 per cent by 2050. The project sets the benchmark for the rest of the world through leveraging the Public-Private Partnership (PPP) model and carrying forward large-scale, cost-competitive projects.

For more information, visit www.shanghai-electric.com

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View original content to download multimedia:http://www.prnewswire.com/news-releases/shanghai-electric-has-been-awarded-epc-contract-for-5th-phase-project-of-dubai-solar-park-301104705.html

SOURCE Shanghai Electric

© Canada Newswire, source Canada Newswire English

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Financials
Sales 2020 143 B 21 781 M 21 781 M
Net income 2020 3 492 M 531 M 531 M
Net cash 2020 18 226 M 2 772 M 2 772 M
P/E ratio 2020 8,78x
Yield 2020 2,43%
Capitalization 70 255 M 10 687 M 10 687 M
EV / Sales 2020 0,36x
EV / Sales 2021 0,28x
Nbr of Employees 33 720
Free-Float 36,7%
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Number of Analysts 7
Average target price 2,79 CNY
Last Close Price 1,87 CNY
Spread / Highest target 86,4%
Spread / Average Target 49,0%
Spread / Lowest Target 17,7%
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Jian Hua Zheng Chairman & Chief Executive Officer
Ou Huang President & Executive Director
Kang Hu Chief Financial Officer
Min Fang Yao Non-Executive Director
Jun Hao Chu Independent Non-Executive Director
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