US power giant AES Corporation announced plans on Thursday to
expand its wind generation business into China through the creation
of a joint venture with Guohua Energy Investment Co. Ltd., one of
China's leading producers of renewable energy.
The joint venture will construct, own and operate a 49.5 MW wind
farm, which is currently under design and expected to achieve
commercial operation in 2009, said a statement released by ASE.
Through its investment in the joint venture, AES will become the
first US-based power company with wind generation facilities in
China.
The wind farm site is located in the Huanghua area of Hebei
Province, approximately 200 km southeast of Beijing, and has the
potential to generate up to 225 MW, said the statement.
AES subsidiary AES Black Sea Holdings BV will own a 49 percent
share in the joint venture, known as Guohua AES (Huanghua) Wind
Power Co. Ltd. The remainder of the joint venture will be owned by
Guohua. Financial terms of the transaction were not disclosed.
"Through our joint venture with Guohua, AES is able to enter the
promising wind market in China with a well-established and
respected partner, and to create a platform for further wind
activities in the future," said Ned Hall, President, AES Renewable
Generation.
"This is consistent with AES's broader goals to expand our wind
generation business globally in markets in which AES already has
established successful operations," he added.
In 1994, AES became the first US-based power company to enter
China, and now operates seven power plants in six provinces and
municipalities with a total generation capacity of 2,842 MW.
"We see tremendous growth opportunities for wind generation in
China, which has committed to adding 30,000 MW of new wind power by
2020," said Tom Kunde, vice president, AES North Asia. "We look
forward to being a key part of China's growing wind generation
sector."
AES, one of the world's largest global power companies, with
2006 revenues of 11.6 billion dollars, entered the wind generation
business in 2004.
It has more than 1,000 MW of wind projects in operation or under
construction in the United States and another 3,000 MW of wind
projects in various stages of development throughout the world.
(Xinhua News Agency August 10, 2007)
