Chinese firm Chongqing Machinery & Electric Co (HKG:2722) said Wednesday it will invest CNY 296.03 million (USD 45.4m/EUR 39.8m) to expand its wind turbine blade factory.
Chongqing Machinery’s board of directors gave the green light to the second phase of the “offshore wind power blade industrialisation project". As part of the scheme, subsidiary Jilin Chongtong ChengFei New Materials will increase the manufacturing capacity of the company in order to meet growing demand for turbine blades from the domestic offshore wind industry and Middle-Eastern and Southern overseas export markets.
The facility is located in Jiangsu province’s Rudong county. Chongtong ChengFei will gather the needed funds through debt financings and other means, according to the statement.
The project's initial CNY-321.8-million stage is due for completion in June this year.
Apart from power equipment, Chongqing Machinery also makes vehicle parts and components, machinery and machine tools.