Shanghai Electric Ranks 51st on ENR's 2021 Top 250 International Contractors List

SHANGHAI,Sept. 20,2021 --Shanghai Electric (601727.SS and 02727.HK) announced the Company has been ranked 51st on the 2021 Top 250 International Contractors list published by Engineering News-Record (ENR),a world-renowned publication for engineering and construction news and analysis. With a total of 22 overseas projects,Shanghai Electric saw the biggest jump in rankings among its Chinese peers this year,despite the lingering impact of the COVID-19 pandemic on global large-scale engineering projects.

Widely considered the industry barometer,the ENR list ranks global construction companies based on revenue generated by their overseas projects.According to the annual list,2020 marked another difficult year for global infrastructure construction firms,filling the market with uncertainties and short-term risks. ENR reports that the total international contracting revenue for the Top 250 dropped 11.1% to $420.4 billion in 2020,from $473.1 billion in 2019,which is the largest single-year drop recorded in ENR international contracting data going back to 2003. Amid the complex and challenging market climate,Shanghai Electric implemented proactive business strategies at home and abroad,in an effort to protect onsite employees while maintaining a high growth rate of revenue for its major international projects,including Dubai CSP,Pakistan's Thar Block-1 Integrated Coal Mine and Power Project,Serbia's Pančevo,Vietnam's Forte,Greece's photovoltaics,and Iraq's Huashide maintenance projects.

Looking back in 2020 along which Shanghai Electric rebounded from the COVID-19 pandemic,a spokesperson of Shanghai Electric,stated that Shanghai Electric has once again shown its resilience in difficult times for the global engineering industry. "In the face of a constantly shifting business environment and uncertain industry outlook over the past year,Shanghai Electric has taken swift actions to minimize construction delay,address onsite worker safety and shortages,and ensure a high turnover of its overseas projects. The recognition from ENR is another testimony to the exceptional efforts we made,as well as our efficient management and the industry-leading product quality as a result of our unwavering pursuit of excellence," he said.

Meanwhile,construction of Shanghai Electric's major overseas projects is underway with all progress on schedule.

The 300MW first stage of the 900MW Phase 5 at the Mohammed bin Rashid Al Maktoum Solar Park (MBR Solar Park) completed a 10-day performance test in late July this year and entered commercial operation ahead of schedule in mid-August.

The first aquifer of the open-pit coal mine of Pakistan's Thar Block-1 Integrated Coal Mine and Power Project has been completed at the end of June.

The 220 kV switch station at the Pančevo gas combined cycle power plant in Serbia completed backfeeding on August 19. The operating status of all devices involved is stable and showed promising results,which laid groundwork for grid-connected power generation.

In addition,the 300 MW Unit -1 of the Deenbandhu Chhotu Ram Thermal Power Station (DCRTPP),Yamuna Nagar of Haryana Power Generation Corporation Limited (HPGCL) has broken the records by completing a 145-day continuous operation on April 19,2021,carried out by the Shanghai Electric engineers.

The maintenance mission came amid a challenging time when India was experiencing a new wave of COVID-19. Working under immense pressure and against all odds,HPGCL and Shanghai Electric engineers joined hands to undertake an overhaul for the unit,which allowed the unit to operate without any technical issues over the next five months. In March 2021,the unit recorded a monthly Plant Load Factor (PLF) of 86.32 per cent,which is among the best-performing power plant benchmarks across the country.

Unit 4 of Jindal 4X300MW coal-fired power plant in India also recorded a 711-day failure-free operation in September 2020,smashing the previous record of 684-day operation without breakdowns and set a new standard for the entire country. In January 2021,India's Warora 2X300 MW coal-fired power plant project clinched the "Best Performance Award",which marked the third consecutive year the power plant has received the recognition.