China's Top Wind Blade Maker Eyes U.S. growth, IPO
Resource from: CBCC Likes:2888
May 18,2010
ZhongHang Huiteng Windpower Equipment Co, China's largest maker of wind turbine blades, has targeted growth abroad, primarily in the United States, as it positions itself for a planned IPO in Shanghai, a top executive told Reuters.
The Baoding-based manufacturer, which recorded about 3 billion yuan in revenue yearly ($439 million), aims to list shares on the Shanghai bourse, said Yih-Min Jan general manager at Tang Energy, a Dallas-based project developer which owns 25 percent of the wind company.
"We're looking at helping the company build its business in the U.S. and develop its network in the North American markets," Jan told Reuters, adding that the listing could help boost the company's profile.
The company has yet to decide on the schedule and size of the planned listing, though the planned share sale could happen in the next two years. Jan said. Analysts have predicted that the company could aim for a $500 million listing.
Strong government policies supporting wind energy development have made the United States the world's biggest market for wind energy.
The United States has installed the most wind power in the last two years, though wind represents just over 2 percent of total installed power capacity.
The United States has set a goal of generating 20 percent of the nation's power source from wind by 2030, making it among the biggest markets for wind equipment.
Zhonghang, which acquired a stake in a Netherland-based wind blade technology firm, CT Holding, holds a 90 percent share in China's 600-kilowatt and 700-kilowatt turbine market, according to the company's website.
Tang Energy, which has more than $200 million invested in various clean energy businesses both in China and the United States, runs a 60 megawatt wind farm project in the United States.
The company is looking at opportunities in various environment-related ventures including clean coal and pollution emissions-control.
"We see a lot of opportunity in coal handling as emissions from coal will remain an issue in China, which relies heavily on the fossil fuel," said Jan. "Energy efficiency is another area we're looking at," he said.
China burns coal to supply up to 80 percent of its electricity requirements. Coal-burning is widely blamed for the release of harmful greenhouse gases, which trap heat in the atmosphere, altering the planet's climate.
(CBCC)
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