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Core Viewpoint - State Grid's subsidiary, State Grid Xinyuan Holding Co., Ltd., is significantly increasing its investment in pumped storage hydropower by raising 36.5 billion yuan, marking the largest cash fundraising in state asset transactions [3][5]. Group 1: Fundraising and Investment - The fundraising project was signed on July 23 at the Beijing Property Exchange, with a total amount of 36.5 billion yuan [3]. - The investment consortium includes major state-owned enterprises and financial institutions such as China National Petroleum, China People's Insurance, and CITIC Financial Assets [3]. - The funds raised will be fully invested in pumped storage project construction, expected to leverage over 300 billion yuan in project investments [5]. Group 2: Industry Context and Growth - As of the end of 2023, global installed capacity for energy storage projects reached 289 million kilowatts, with pumped storage accounting for 179 million kilowatts, representing 62% of the total [5]. - China's pumped storage capacity has surpassed 57 million kilowatts, making up 40% of the global total, maintaining its position as the world's largest for nine consecutive years [5][7]. - The pumped storage sector is experiencing steady growth alongside the rapid development of new energy storage technologies [5]. Group 3: Company Operations and Achievements - State Grid operates 75 pumped storage power stations with a total capacity of 94.04 million kilowatts, making it the largest operator globally [7]. - In the first half of the year, State Grid commissioned two new pumped storage power stations, contributing to an additional 2.575 million kilowatts of capacity [7]. - State Grid Xinyuan's pumped storage stations recorded 53,501 instances of power generation and water pumping, with a total energy output of 62.623 billion kilowatt-hours in the first half of the year [8]. Group 4: Challenges and Future Prospects - The construction of pumped storage power stations is capital-intensive and time-consuming, with a typical project taking 7-8 years to complete [8]. - With the recent funding support, State Grid Xinyuan is expected to accelerate its pumped storage business development [8].