China Longyuan to Spend $13 Billion to Lead Wind Power League (16,000 MW)

http://www.businessweek.com/news/2010-05-09/china-longyuan-to-spend-13-billion-to-lead-wind-power-league.html

May 9 (Bloomberg) -- 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 Changjun 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.

“China so far has used only about 1 percent of its total estimated wind power resources and there is vast potential for future growth,” Xie said. “We are also looking at opportunities overseas, including in South Africa, the U.S., Australia and Europe,” he said.

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