China's State Grid eyes further investment along Belt and Road

China's State Grid, the country's top power distributor, will seek market expansion in countries involved in the Belt and Road Initiative, the company chairman said Tuesday.

Speaking at the annual B20 China Business Council meeting, Shu Yinbiao, State Grid chairman, said power investment demand would reach 1.5 trillion U.S. dollars in Belt and Road countries in the next five years.

He cited strong demand from the 1 billion people without access to electricity in Africa and South Asia, an upgrade of power facilities in Central and Eastern Europe, as well as energy system transitions in Western Asia.

Shu said the company would push forward power projects in Belt and Road countries, with the aim of strengthening power network connections between the countries.

The State Grid has worked on a number of national power grid projects in Belt and Road countries, with a contract value of nearly 40 billion dollars, helping export Chinese power equipment to more than 80 countries and regions.

The company has built 10 cross-border power transmission lines to improve power grid connectivity, and invested in power grids in countries such as the Philippines, Brazil and Italy.