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Press Release

Shanghai Electric Receives AAA Credit Rating for International Projects

SHANGHAI, Dec. 14, 2020 /PRNewswire/ — Shanghai Electric (the “Company”) (SEHK: 02727, SSE: 601727), the world’s leading manufacturer and supplier of electric power generation equipment, industrial equipment and integration services, has recently been accredited with a AAA credit rating for international projects. Published in the China International Contractors Association’s (CHINCA) 2020 Enterprise Credit Assessment for Chinese International Contractors and Labor Service Companies’ report, AAA is the highest given credit rating and marks Shanghai Electric as being a reliable partner for international projects.

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Credit ratings granted by CHINCA are the authoritative measure of creditworthiness in China and are formally recognized by the Chinese Ministry of Commerce. The department closely examines an organization’s comprehensive quality, competitiveness, financial status, credit history, overseas market development, and actual project implementation procedures. The results of this evaluation are an important testament to the organizational quality of Shanghai Electric and the Group’s ability to operate overseas and undertake foreign projects.

Despite COVID-19, the Company has been striving to achieve its annual goals for 2020. Regarding outstanding overseas projects, the Company focused on ensuring proper OHS standards, implementing rigorous anti-epidemic control measures across the board. Despite international travel restrictions and limited access to construction sites, Shanghai Electric ensures resources and materials arrive at construction sites through careful organization and thorough strategic planning, guaranteeing completion of critical parts of projects without excessive time delay or costs.

One of Shanghai Electric’s largest international projects, the Thar Coal Block-1 2x660MW Power Plant Project in Pakistan, has been moving ahead with the successful installation of the steel structure for the second boiler on November 12. For the nearby Thar Coal Mine, excavation at a daily rate of 330,000 square meters has moved a total volume of 28.75 million square meters of earth, accounting for 70 percent of the planned total. The joint Pakistani-Chinese project is soon to enter the final stages, with the construction of the heating surface and excavation of the remaining 30 percent of earth to begin soon.

PR Manager of the project, Qian Xiaolei said, “In order to ensure that the unit was lifted on time, the project planning department had to overcome many challenges. From preliminary planning and coordination to the deployment of on-site construction resources, we ensured a safe and smooth on-site hoisting procedure.”

The Company is also involved in the United Arab Emirates’ renewable energy transition with the 950MW CSP/PV Hybrid Power Generation Project. The solar power station, comprised of 700MW CSP and 250MW PV, is the fourth phase of the Mohammad Bin Rashid Al Maktoum Solar Park, a project developed by the Dubai Water and Power Authority (DEWA) as part of Dubai’s “clean energy strategy”. On November 14, the construction progress of the 950MW CSP/PV Hybrid Power Generation Project in Dubai hit a new milestone with the successful fitting of a 1,600-ton all-steel roof truss.

In a recent visit to the site of the power plant, HH Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai said the solar park will contribute to the clean energy development of the UAE.

In recent years, the Company is planning to further accelerate its pace to support the development of the solar power industry. In July, the Group signed an agreement on the fifth phase of 900MW Engineering, Construction and Procurement (EPC) contractor in Dubai. As the official partner of the Dubai World Expo in 2021, Shanghai Electric has been strengthening ties in the Middle East, looking to show the world its commitment to new energy and international cooperation.

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