China's Goldwind Signs $200 Million Wind Farm Contract In US
September 18 2011 - 10:30PM
Dow Jones News
Xinjiang Goldwind Science and Technology Co. (XJNGF, 2208.HK)
said Monday that it will build a $200 million wind farm in
Illinois.
"As the largest and most competitive market in the world, the
United States is a key component of Goldwind's international
growth," Goldwind Chairman and CEO Wu Gang said. "Goldwind has
generated a competitive global footprint and we are focused on
continuing that momentum, continuing to demonstrate our technology
advantages and continuing to build out our global supply
chain."
The Shady Oaks wind farm project, to be located in Lee County,
Illinois, about 100 miles west of Chicago, will break ground later
this fall, and will generate 109.5 megawatts of power.
The announcement comes as part of a trade visit to China by
Illinois Gov. Pat Quinn. A statement from the governor's office
didn't specify when the project would go online.
Goldwind, China's second-largest wind turbine manufacturer, is
embarking on an ambitious international growth strategy, aiming to
derive 30% of its profit from overseas by 2015. Last month, the
company signed a $40.5 million contract with Ecuador's state-owned
power generation company, Corporacion Electrica del Ecuador, to
build a 16.5-megawatt wind-power plant there.
In June, China announced it was ending subsidies for domestic
wind-power producers under pressure from the Obama administration.
The U.S. had long complained about a lack of transparency for
subsidies in China's wind-power sector.
Separately on Monday, Quinn announced Illinois-based Archer
Daniels Midland Company (ADM) will supply China with 180,000 metric
tons of soybeans by December 2012, in a deal valued at $100
million.
-By Brian Spegele of the Wall Street Journal (8610) 8400-7751;
brian.spegele@dowjones.com
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