BEIJING, March 14 (Xinhua) -- The China Energy Investment Corporation (China Energy) said it has inked a deal with the French energy giant EDF Group to jointly develop an offshore wind power project in eastern China's Jiangsu Province.

The joint-venture project, with a total investment of 7.9 billion yuan (about 1.13 billion U.S. dollars), was the first of its kind in offshore wind power with both domestic and foreign investment, China Energy said.

With a total installed capacity of 502 megawatts, the project is expected to generate 1.39 billion kilowatt-hours of electricity each year, the equivalent of 441,900 tonnes of standard coal, and satisfy the annual electricity needs of nearly 2 million residents, according to the company.

The project, based in the city of Dongtai in Jiangsu Province, is scheduled to fully come into service in early 2021 and will be jointly funded, built and operated by China Energy and EDF Group.

China Energy said it will hold a 62.5-percent stake in the joint venture, with EDF Group owning the remaining share.