China’s GreenGen clean coal project achieved another important milestone as the partners executed their joint venture agreement, recognizing Peabody Energy’s participation as a full equity partner. The agreement was commemorated at a signing ceremony at the historic Great Hall of the People in Beijing and included Peabody Chairman and CEO Gregory H. Boyce; Huaneng Group President Cao Peixi; U.S. Secretary of Energy Steven Chu; and Chinese Vice Premier Li Keqiang. The ceremony demonstrates the growing cooperation on clean energy and climate initiatives between the U.S. and China as President
Barack Obama and President Hu Jintao pledge greater cooperation on clean uses of coal. In a joint statement today, the two world leaders recognized the importance of GreenGen and other projects. GreenGen is a $1 billion 650 megawatt project, a commercial scale near-zero emissions power project that is under construction near Tianjin. It is China’s first integrated gasification combined cycle (IGCC) power project and will serve as a carbon management research center. GreenGen is being developed in phases and ultimately will capture and store carbon dioxide. Electricity generation will begin as quickly as 2011 with the first 250 megawatt IGCC unit.
