Chicago, United States [RenewableEnergyWorld.com] Tang Energy Group signed an agreement today with CATIC International Trade and Economic Development Ltd. for US $300 million in financing, marking the first time a Chinese company has invested in U.S. wind farm projects.
China’s Minister of Commerce Chen Deming witnessed the signing of the agreement at the InterContinental Chicago. CATIC International Trade and Economic Development Ltd. is a subsidiary of the China Aviation Industry Corporation, a state-owned industrial group that reports directly to the government. With the $300 million investment, Tang is considering wind farm projects in a number of states, including Illinois, Texas, Colorado, Iowa, Virginia and Massachusetts.
“We are thrilled that CATIC International Trade and Economic Development Ltd. has shown there is strong financing available for well-planned alternative energy ventures,” said E. Patrick Jenevein III, president of Tang Energy. “We look forward to building wind farms in the United States. This will create manufacturing, construction and electricity delivery jobs.”
Tang Energy’s projects in China include wind turbine rotor blade manufacturing, wind farm development, wind equipment sales and clean coal ventures. Tang is a co-owner of HT Blade, which is the largest wind turbine blade manufacturer in China, located in Baoding, Hebei Province.