The State Power Investment Corporation Jiangsu Electric Co Ltd decides to establish a regional headquarters in Chongchuan district. [Photo/WeChat account: chongchuanonline]

The signing ceremony for a project to build a regional headquarters for the State Power Investment Corporation Jiangsu Electric Co Ltd was held on May 19 in the Chongchuan district of Nantong city in East China's Jiangsu province.

The State Power Investment Corporation Jiangsu Electric Co Ltd is the subsidiary of the State Power Investment Corporation Limited, or SPIC, in Jiangsu province. Its businesses span multiple fields including ports, wharfs, shipping lanes, efficient and clean thermal power generation and natural gas cogeneration.

Since 2020, the company has invested and constructed many new energy projects engaged in offshore wind power and solar power generation, with a total installed capacity of 1.16 million kilowatts. They have cost over 21 billion yuan ($3.1 billion) and generate annual revenue of more than 3 billion yuan.

In short, Nantong has become the city receiving the largest investment from the SPIC in the new energy sector in Jiangsu. The signing of the agreement marked a landmark in relations between the SPIC and Nantong, indicating they have entered a new period of cooperation.

The settlement of the regional headquarters in Chongchuan is expected to pave the way for more firms in new energy fields such as wind power, solar energy and energy storage to be based in Nantong. It is also projected to accelerate the transformation and development of Nantong's low-carbon economy.