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A-Power Energy Generation Systems Ltd. has been designated to supply wind turbines to a China-U.S. joint venture project (JV) to develop a 600-megawatt (MW) wind farm in West Texas. At a joint press conference held at the National Press Club of Washington, D.C., it was announced that Shenyang Power Group (SPG), U.S. Renewable Energy Group (US-REG) and Cielo Wind Power LP, signed a joint venture framework agreement setting plans for developing the 600-MW wind farm.
The project, which will be 49% owned by SPG, with the rest of the equity ownership held by US-REG and Cielo Wind jointly, is expected to be one of the largest wind farms in the United States.
The terms of the agreement include plans to sign a definitive purchase agreement with A-Power related to the purchase of up to 240 units of 2.5-MW wind turbines. The agreement also includes a delivery schedule starting in March 2010, subject to SPG securing third-party financing, among other conditions.
A-Power currently has an annual production capacity for 1.1 GW of wind turbines at its 320,000-square-foot facilities in Shenyang. A-Power is a shareholder of SPG.
The project, which will be 49% owned by SPG, with the rest of the equity ownership held by US-REG and Cielo Wind jointly, is expected to be one of the largest wind farms in the United States.
The project is expected to cost in total approximately US $1.5 billion, a portion of which is designated for wind turbine purchases, and its establishment is subject to, among other things, further due diligence by the parties, the securing of financing from commercial banks in China, and other project development conditions.
"A-Power welcomes the opportunity of participating in this high-profile wind power project in the United States," said Jinxiang Lu, chairman and CEO of A-Power and CEO of SPG. "As both a supplier to the JV Project and an equity-owner of SPG, A-Power will be able to export its wind turbines for the first time and reduce its exposure to the intrinsic risks associated with such a large-scale project. We like the tremendous opportunities in the United States, which is the world's largest wind power country. We are cognizant of the recent policy push by the Obama Administration in the renewable energy sector, and a stabilizing financing environment for renewable energy projects."
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Thanks to the demoncrats and those who elected them - the US gets screwed again.
Now now, not to worry. Think of the billions per day of U.S. money,
yes, yours included, that is being 'sent' from the U.S. to other countries
to buy their oil and gas. The monies go out per diem in 'Shiploads'.
Here, after maybe one shipload of parts, you are saving the above.
Be thankful it is being done on an open-bid basis. Use the savings
on 'stepping up to a new plate'.
Anonymous 2
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