Shenyang Power Group to build wind farm in West Texas
Monday, 02 Nov 2009
It is reported that Shenyang Power Group, Cielo Wind Power LP and US Renewable Energy Group have agreed to build a 600 MW wind farm in West Texas, the largest China US joint investment in a renewable energy project.
Mr Cappy McGarr managing partner of US-REG said: "This planned USD 1.5 billion investment in wind energy will spur tremendous growth in the renewable energy sector and directly create hundreds of high paying American jobs."
The wind farm will cover 36,000 acres and generate enough electricity for 180,000 households.
SPG a local power industrial alliance based in Shenyang, Liaoning province in northeastern China, will own a 49% stake in the joint venture project. The balance would be held by Cielo Wind the largest privately held wind power project management company in the Southwest US and private equity firm US-REG.
According to the agreement, A-Power Energy Generation Systems Ltd, a NASDAQ listed Chinese turbine maker and shareholder of SPG will deliver 240 units of the 2.5 MW wind turbines from March 2010 onwards subject to the project being financed by Chinese commercial banks.
Mr Yang Yazhou vice mayor of Shenyang said "This is the first time that Chinese capital, manufacturing and engineering expertise are being exported to the US, the world largest wind power country. It demonstrates the two countries can share both the risks and the benefits in a huge wind power project."
He said that it is also the first time that a Chinese wind turbine maker has tapped into the US wind power market which used to be dominated by General Electric with competition also from other players like Siemens and Vestas.
