China’s Titan Wind Energy plans 300-MW farm in Xinjiang
Ningxia wind farm using Goldwind turbines. Author: Land Rover Our Planet. License: Creative Commons, Attribution-NoDerivs 2.0 Generic.
Chinese firm Titan Wind Energy (Suzhou) Co Ltd (SHE:002531) said Tuesday it plans to invest some CNY 2.18 billion (USD 351m/EUR 318m) in 300 MW of wind power capacity in the eastern parts of Xinjiang Uygur autonomous region.
The company explained that the move is in line with its growth strategy for the downstream renewable energy segment and will bolster profitability. Titan Wind Energy aims to boost its installed green capacity to 2,000 MW within the next three-to-five years, it noted.
The firm’s unit in Hami city will build the facility by the end of the current year. It will secure the required project financing through bank loans and financial leasing deals, according to the statement.
Jiangsu-based Titan Wind Energy makes turbine towers and related parts and components both for onshore and offshore farms. The investment has already been given the green light by its board of directors and is currently subject to shareholders’ approval.