U.S.-China Join Forces for $1.5B Texas Wind Power Project

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.

In Depth

Financial Industry Blockchain Consortium R3 To Open-Source Platform Code

Oct 20 2016 | 9:03pm ET

Bitcoin's blockchain technology has spawned a flurry of activity among fintech startups...


U.S. Trust's Beard: The Rapid Growth of the Art Lending Industry

Oct 7 2016 | 10:55pm ET

Alternative investment managers have emerged as some of the most significant art...

Guest Contributor

Hedge Fund Marketing – Tips for Your Initial Sales Meeting

Sep 29 2016 | 5:46pm ET

There are two main goals a hedge fund should have for an initial in-person sales...