China's State Grid plans to invest more than 150 billion yuan ($22 billion) in ultra-high voltage power transmission lines, Xinhua News Agency reported.
The investments are scheduled for the construction of eight UHV projects (four DC and four AC) connecting the western regions, where solar, wind and hydropower plants are concentrated, to its big cities. The eight projects are set to break the ground in the second half of the year.
Meanwhile, another investment of around 110 billion yuan was appropriated for six UHV projects (one AC and five DC). The pre-construction work has been under way.
During the first seven months, the country's top grid operator completed investment of 236.4 billion yuan, a 19% rise year on year.
At present, the total investment in projects under construction has reached 883.2 billion yuan, including 3,299 projects involving 110 kV-and-above transmission lines and pumped-storage stations.
By the end of the year, State Grid is expected to complete nearly 300 billion yuan of grid investment. A large number of projects will start operation, involving a total investment of 416.9 billion yuan, including 1,173 projects of power grids and pumped-storage stations.
The company's total investment in projects is expected to hit a record high of 1.3 trillion yuan this year, which will lead to 2.6 trillion yuan worth of relevant investment in upstream and downstream industries.
The massive investment in the transmission lines and pumped-storage stations is to facilitate clean power transmission and storage, one of substantial step for the country's carbon reduction targets.
China plans to build 450 GW of wind and solar power capacity in the Gobi desert by 2030, more than twice the total amount of solar and wind power installed in the U.S.
(Writing by Alex Guo Editing by Harry Huo)
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