China biomass merger forms state-owned green energy giant

China’s state-owned assets supervisor has integrated one of the country’s leading biomass power generation companies, under China's biggest power grid firm State Grid Corporation of China, into State Power Investment Corp., the world's largest renewable power producer, in order to consolidate their assets and better serve the national energy strategy, reported Yicai Global.
The merger will allow National Bio Energy to leverage State Power Investment’s strengths in clean energy as well as the vast breadth of the State Grid’s platform in order to reinforce its leading position in the industry, Weng Jieming, deputy director of the state-owned Assets Supervision and Administration Commission, said at the handover ceremony held on 10 January.
The merger will enable central state-owned enterprises in electricity transmission, electricity generation and other parts of the industrial chain to strengthen their main businesses and give full play to their advantages, Weng added.
It will also help upgrade the biomass power generation sector to create a green and low-carbon economic system, promote economic development and drive local, social and economic development based on biomass, he continued.
As a carbon neutral form of electricity, biomass power generation, biomass clean heating, bio-natural gas and biomass liquid fuels has  the potential to reduce the country’s carbon emissions by about 218 million tons a year, making a huge contribution to achieving China's goals of carbon peaking and carbon neutrality by 2030 and 2060, respectively.
National Bio Energy, which has assets of CNY15.9 billion ((€2.2bn), utilises 10 million tons of farming and forestry residues a year to generate around 1.1 million kilowatts of electricity, benefiting over a million people.
China’s total installed capacity of biomass power generation is said to reach 52 million KW this year and 100 million KW in 2060, trimming carbon emissions by more than 460 million tons, according to the Chinese Academy of Engineering.