Shanghai Electric New Energy Development Established To Accelerate the Expansion of Green & Low-carbon Business

SHANGHAI,July 22,2022 -- The inauguration ceremony of Shanghai Electric New Energy Development Co.,Ltd. was held on July 15,marking the accelerated expansion and growth of Shanghai Electric's green,low-carbon business.

During the ceremony,Shanghai Electric Group announced its renewable energy roadmap alongside agreements with five partners to jointly develop renewable energy projects,in addition to establishing strategic partnerships with over ten financial institutions and industry partners to build a financial ecosystem for the renewable energy sector.

Shanghai Electric,a leading global integrated manufacturer of high-end equipment,has been building new comprehensive power systems and a complete solution for futuristic zero-carbon industrial parks in a move to take the lead in helping the Chinese government achieve its de-carbonization goals.

The Chinese government's carbon peak and carbon neutral policies,also known as the dual carbon goals,is a systemic change that is expected to have a broad and profound impact on both the economy and the whole of society while building a zerocarbon society.

As a response to China's 14th Five-Year Plan,the company has developed a roadmap that focuses on the development of wind,solar,hydrogen and storage energy projects,alongside industrial intelligence,high-end medical equipment,and other new businesses.

Introducing Shanghai Electric New Energy Development Co.,Ltd.

The establishment of the renewable energy entity is a vital step in the right direction. The new company has received a total investment of RMB 3 billion,including RMB 2 billion from Shanghai Electric Group and RMB 1 billion from Shanghai Electric Wind Power Group each,and is aimed to become the most integrated and innovative provider of renewable energy projects and full lifecycle services.

With the domestic market as the initial area of expansion and an eye on expanding into international markets,Shanghai Electric New Energy Development will be committed to building a full lifecycle service platform for a renewable energy future by developing wind,storage,thermal and hydrogen energy projects,as well as expanding the source-grid-load-storage integrated business. Based on the platform,the firm plans to create integrated solutions centered around system optimization,streamlined equipment,and intelligent control systems,providing strong support to the quality-driven development of Shanghai Electric Group's renewable energy business.

In the future,Shanghai Electric intends to focus on promoting industrial intelligence and the application of technologies while facilitating interactions between the energy and the industrial internet. Furthermore,the company plans to advance sustainable industrial development globally through the use of technologies by collaborating with government-owned parks,business customers,venture capital firms,technology partners and financial institutions,with the ultimate goal of creating a better world for all.

Shanghai Electric aims to develop renewable energy projects and build a financial ecosystem in the sector

Fengxian District Party Committee secretary,Li Zheng,and Shanghai Electric Group's Party Committee secretary and chairman,Leng Weiqing,both delivered speeches at the inauguration ceremony and welcomed the start of the new business.

In attendance were several government officials and top management executives,including Fengxian District Party Committee deputy secretary and mayor,Yuan Quan; Shanghai Electric's Party Committee deputy secretary and president,Liu Ping; Bank of China Shanghai Branch general manger,Zhang Shouchuan; Shanghai Guosheng Group's Party Committee secretary and chairman and Shanghai Guosheng Capital Management chairman,Shou Weiguang; Shanghai Electric Power Construction's Party Committee secretary and chairman,Jiang Lindi; and China Merchants Bank executive VP and Shanghai Branch general manager,Shi Shunhua.

In addition,other executives from Shanghai Electric Group and major financial institutions,including banks,and securities firms and trust companies,as well as several journalists were also part of the ceremony.

About Shanghai Electric

Shanghai Electric Group Company Limited (SEHK: 2727,SSE: 601727) is a world-class high-end equipment manufacturer,focusing on smart energy,intelligent manufacturing and smart infrastructure to provide green and intelligent industrial-grade system solutions. It has a global presence in industries such as new energy,efficient clean energy,industrial automation,medical devices and environmental protection.