Goldwind to sell 50% in wind farm operator to China Three Gorges
Dec 30, 2011 - Chinese wind turbine maker Xinjiang Goldwind Science & Technology (HKG:2208) said today it had agreed to divest a 50% stake in wind farm operator Shangdu Tianrun to China Three Gorges Corp for CNY 128 million (USD 20m/EUR 16m).
The target company is a unit of Goldwind's wholly-owned subsidiary Beijing Tianrun. The latter will use the proceeds from the sale for working capital.
Shangdu Tianrun, formed in September 2007, built and now operates the 99-MW Shangdu wind farm. The first phase of the project came online in July 2010, while the second kicked off operation in July 2011. Shangdu Tianrun concluded 2010 with a net profit of CNY 4.5 million on revenue of CNY 14.1 million, compared to a loss of CNY 7,900 in 2009 on zero revenue.