Wind Power for Boston, Made in China
December 16, 2010 Leave a comment
By TOM ZELLER Jr. and KEITH BRADSHER
Goldwind USA and A-Power Energy Generation Systems are not the only big Chinese-owned wind energy companies setting up shop in this country.
Sinovel, a state-owned company based in Beijing that is China’s largest wind turbine manufacturer, has signed a contract with the Massachusetts Water Resources Authority to provide a 1.5-megawatt wind turbine. The machine will provide electricity for a wastewater pumping station in the Charlestown neighborhood of Boston.
The turbine accounts for about half of the $4.7 million cost of the project, which is still in development and is being financed with money from the federal economic stimulus package.
Sinovel, with a $6.5 billion line of credit from banks owned by the Chinese government, has said its goal was to become the world’s largest manufacturer of wind turbines by 2015. It also said it intended to eventually realize half of its sales beyond China’s borders.
Meanwhile, Ming Yang Wind Power Group, China’s fifth-largest wind turbine manufacturer, and its largest privately held wind power company, has opened a sales office in Dallas. Recently, the company raised $350 million in an initial public offering in New York, in a deal led by Morgan Stanley — part of $6 billion being raised this year through initial public offerings by six Chinese wind turbine and wind farm companies.
Ming Yang is midway through at two-year, $737 million line of credit from China’s state-owned Industrial and Commercial Bank. The bank has also agreed to provide financing to Ming Yang’s overseas customers.
TOM ZELLER Jr. and KEITH BRADSHER