CMIC Ocean En-Tech Holdings has reached an agreement with Dutch lifting solution provider KenzFigee to expand its business in equipment such as gangways and installation cranes in the renewable energy market in China.

The strategic co-operation agreement includes the intention to share technology of key highly engineered and in-demand products which are pivotal to the advancement of offshore renewable energy projects.

“The signing of the strategic agreement brings together the strengths of both companies to provide complementary factors of specialised technology, manufacturing capabilities, and project financing to fill an opportune supply gap,” said CIMC chief executive Jiang Binghua.

CMIC Ocean En-Tech provides engineering and manufacturing solutions to onshore and offshore oil and gas, offshore wind and hydrogen sectors.

“We are excited to work with CMIC through this strategic co-operation agreement and contribute to the rapidly changing market and shift towards offshore renewable which brings together a wealth of experience to promote several highly engineered and sophisticated products. We are very much looking forward to bringing this plan to full realisation,” KenzFigee chief executive said Maikel Takken.

CMIC said that global offshore wind power is estimated to exceed 90 gigawatts within five years and China currently operates nearly half of the world’s installed offshore wind power capacity, about 26 GW.

China’s offshore wind power installation is expected to add 39 GW between 2022 and 2026 period, CMIC said, citing data from Global Wind Energy Council.

The company has invested in the construction of an offshore wind farm installation vessel, which is scheduled for delivery in June next year.