Tuesday, 1 September 2015
Last updated 25 min ago
Oct 30 2009 | 9:47am ET
The U.S. Renewable Energy Group (US-REG) and Cielo Wind Power LP will team with China’s Shenyang Power Group (SPG) to develop a $1.5 billion, 600MW wind farm across approximately 36,000 acres in Texas.
The agreement marks the first time China and U.S. entities agree to jointly develop a utility-scale wind power project.
A-Power Energy Generation Systems, Ltd., a shareholder of SPG in China, is designated as the supplier of 240 units of the 2.5MW wind turbines manufactured at A-Power’s facilities in Shenyang, China. In total, the wind farm is expected to produce enough electricity for 180,000 homes and create hundreds of American jobs. It is also expected to be one of the largest wind farms in the United States.
According to the JV Agreement, commercial banks in China are expected to finance the $1.5 billion required for the project through SPG. Subject to securing such financing, among other conditions in the JV Agreement, A-Power is expected to start shipping the wind turbines in March 2010.
May 27 2015 | 2:15pm ET
Support Hedge Funds Care, also known as Help For Children (HFC), by participating in this year's raffle. All proceeds go to support HFC's mission of preventing and treating child abuse. Read more…