(Yicai) Sept. 11 — Leading Chinese wind turbine maker Goldwind Science & Technology said it will invest CNY18.9 billion (USD2.7 billion) to build a green chemical production base that includes a wind farm in China’s Inner Mongolia Autonomous Region, an area rich in wind energy and biomass resources.
Goldwind inked a deal with the government of Bayannur to develop the green chemical production facilities in phases in the city, the Beijing-based company announced late yesterday. The electricity generated by the wind power plant will mainly be used to produce green hydrogen, methanol, and ammonia, it added.
The wind farm will have a capacity of 3 gigawatts, with more than 80 percent of the electricity to be consumed by the green chemical plant, Goldwind pointed out. After the project is fully completed, the annual production capacity of green methanol will reach 600,000 tons and that of green synthetic ammonia will top 400,000 tons, it said.
The green hydrogen will be used as a raw material for methanol and synthetic ammonia production, with biomass syngas made from local resources also included among the raw materials for methanol production, according to Goldwind.
The project will fully use the abundant wind, solar, and biomass resources in Bayannur, leverage Goldwind’s resource and technological innovation advantages, and form an integrated solution for wind power and green chemicals, the company noted.
The financing for this project will come from Goldwind’s own funds and bank loans, the firm said.
The CNY18.9 billion investment is over 12 times Goldwind’s net profit in the first six months of this year, but its first-half earnings report showed that the company has CNY9.6 billion (USD1.3 billion) worth of cash as of the end of June.
Goldwind’s net profit rose 7.3 percent to CNY1.5 billion in the six months ended June 30 from a year ago, while its operating revenue surged 41 percent to CNY28.5 billion.
Shares of Goldwind [SHE: 002202] rose 2.4 percent to CNY12.45 (USD1.75) each as of lunch break in Shenzhen today, after earlier jumping by as much as 4 percent.
Editors: Tang Shihua, Martin Kadiev
