Goldwind Signs $5.5bn Deal to Support Growth in China

Resource from: CBCC Likes:2970

Feb 02,2012

Chinese turbine manufacturer Goldwind has signed a financial agreement with China Development Bank (CDB) worth 35bn yuan ($5.5bn) to fund development and acquisitions of domestic wind farms. The agreement, signed by Goldwind’s wind farm operation subsidiary, Beijing Tianrun New Energy, runs from 2011-2013, the company says in a statement to the Hong Kong stock exchange. China’s second-largest wind turbine maker set up Beijing Tianrun New Energy in 2007 ahead of a boom in the country’s wind industry during 2009 and 2010. However, a change in Beijing’s monetary policy at the end of 2010 led to tighter credit conditions, which has impacted on wind developers. A strategic alliance with a policy bank like CDB will allow Tianrun to continue expansion. The business had completed just over 1GW of wind farms by 30 June 2011, with ownership of 513MW of that total. It also had 672MW under construction. Chinese turbine makers are increasingly moving into wind farm operations as a way to push more equipment sales in a fiercely competitive market.

(CBCC)

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