Monday, May 10, 2010

China Longyuan to Spend $13 Billion to Lead Wind Power League


"China Longyuan Power Group Corp, plans to spend about 92 billion yuan ($13 billion) over the next five years to become the world’s No. 1 wind-power producer as global demand for clean energy increases.

The Hong Kong-listed company aims to install at least 16,000 megawatts of wind turbines in China and overseas by 2015, President Xie Changiun said in an interview after a climate conference in Beijing today.

The expansion plan comes as the Chinese government encourages the use of renewable energy to cut reliance on more polluting coal. The Beijing-based company in December raised a net HK$16.7 billion ($2.2 billion) from the sale of 2.14 billion shares in Hong Kong in the world’s third-biggest IPO by an alternative energy company."

Read more here

1 comment:

  1. China’s growth over the last 2-3 years has been awesome with more than 100% CAGR . It has helped in growing wind turbine manufacturers through domestic content requirements.Now that these companies have sufficient technology and are able to leverage their low cost advantages , China has removed the restrictions in Jan 2010 to attack other markets. Vestas the leading European turbine manufacturer like the solar makers has fallen into the red. The only way for these companies to survive is to move their manufacturing to Asia . Ultimately the technology will also follow ( Applied Materials has also move its R&D to Shanghai).


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