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November 3, 2009 – Vol.14 No.33 A-Power Turbines Chosen for 600 MW $1.5 Billion Texas Wind Project. The U.S. Renewable Energy Group (US-REG) and Cielo Wind Power LP have announced that they have entered into a joint venture with China’s Shenyang Power Group (SPG) with plans to develop a 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. The project is estimated to have a total cost of approximately $1.5 billion. A-Power Energy Generation Systems, 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 U.S. “Though some will describe this project as a large-scale, U.S.-China venture, it is in fact a cooperation, based on respect and friendship, between the best and brightest women and men from both countries working together for a new energy future, addressing the global climate crisis and creating new high-paying jobs on both sides of the Pacific,” said Ed Cunningham, Managing Partner of US-REG.
“It is important to give credit where credit is due,” said Joe Stark, Vice President of Finance and Business Development with Cielo. “Without the American Recovery and Reinvestment Act of 2009, this joint venture with SPG would not be possible. Thanks to the strong policy push and a recovering financing environment, wind projects in the U.S. are attracting developers and investors alike once again. And this time, our largest project to date has an international flavor. We are very encouraged by all the new opportunities in the wind power sector.” According to the JV Agreement, commercial banks in China are expected to finance 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. (10/30/09)
Links: U.S. Renewable Energy Group Cielo Wind Power A-Power
Disclaimer, Forward-Looking or Safe Harbor Statement on original press release: No
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