www.businessweek.com
Bloomberg
May 12, 2010
May 10 (Bloomberg) - - China Longyuan Power Group Corp, rose in Hong Kong trading after saying it's planning to spend $13 billion to become the world's biggest wind-power producer. The shares gained 0.5% to HK$7.85 at 11:24 a.m, local time, after climbing as much as 1.9%. The benchmark Hang Seng Index advanced 0.9%.
China, the world's biggest polluter, wants at least 15% of its energy to come from renewable sources by 2020. Investment in renewable energy in China reached $6.5 billion in the first quarter, the most for any country, New Energy Finance said on April 12. "The government looks committed to the development of renewable energy, and wind power developers including Longyuan are set to benefit from the push," Wang Shuo, an analyst at the State Information Center, said by telephone in Beijing.
China Longyuan will spend about 92 billion yuan over the next five years and aims to install at least 16,000MWs of wind turbines domestically and overseas by 2015, President Xie Changjun said in an interview yesterday. Renewable energy including wind and solar power may account for 10% of China's overall sources by the year-end, rising from about 9% in 2009, Xie Zhenhua, vice chairman of the National Development and Reform Commission, said on May 8.
Profit more than doubled last year to 894 million yuan as China Longyuan's capacity increased, the Beijing-based company said on March 30. Domestic wind-power developers may see higher profit partly on lower turbine installation costs, Xie said. The cost of setting up wind turbines for China Longyuan may fall about 10% to 8,000 yuan per kW this year because of "intense competition" among suppliers, he said. Xinjiang Goldwind Science & Technology Co, and Sinovel Wind Group Co, are among the largest suppliers to China Longyuan, Xie said.
0 comments:
Post a Comment