Preliminary plans call for the development of several local offshore wind farms, each offering 500 megawatt (MW) capacity. Initial estimates by the Company place the value of potential orders for a wind power project of this scale at approximately $US 732 million. GC China aims to work in conjunction with regional vendors and has further identified localized industry suppliers that would ultimately benefit the venture as either merger or acquisition opportunities.
The Company plans to further increase the momentum at its Swedish joint venture R&D facility towards final stage development of the new 3.0 MW wind turbine as the prime offering best suited to exploit the extraordinary wind conditions of the region. Current plans in Jiangsu aim to initiate a 2010 campaign of regional target acquisitions, upgrades at key local facilities and commencement of trial production and manufacturing of the new turbines.
In a move similar to many European countries, China has attached increasing importance to the development of its offshore wind energy assets. Compared to inland wind energy markets, the wind resource reserves are significantly more abundant in coastal areas. Research shows that the potential wind energy reserve in inland areas is 250 gigawatts, versus 750 gigawatts along coastal areas. Among the government mandated programs announced to-date, which include seven projects encompassing 10 gigawatts of wind energy, the coastal area in Jiangsu Province is the primary location and key to construction planning of what many are now referring to as the "Marine Three Gorges Project" as a favorably comparative reference to the largest traditional hydroelectric project constructed in China so far.
GC China Turbine Corp. views this opportunity as an extraordinary step in the long term growth of the Company and fully intends to maximize any investment via its proven management ability applied towards the development of a world-class manufacturing base and support infrastructure around what is rapidly becoming the hottest spot in the nation for the future of wind power in China.
Further details regarding the Company and its agreements along with further information about the business, financial condition and management of GC China and related parties are filed as part of the Company’s continuous public disclosure as a reporting issuer under the Securities Exchange Act of 1934 filed with the Securities and Exchange Commission’s ("SEC") EDGAR database.
GC China Turbine Corp. (OTCBB: GCHT) is a leading manufacturer of state-of-the-art 2-bladed wind turbines based in Wuhan City of Hubei Province, China. The Company holds a license to manufacture a groundbreaking technology which meets rigorous requirements for low-cost and high reliability. The technology was developed through a 10 year European research project costing over US$ 75 million. GC China’s launch product is a 1.0 megawatt ("MW") utility scale turbine with designs for a 2.3MW and 3.0MW utility scale turbine in development. The Company’s initial efforts have been rewarded with contracts of approximately US$ 128 million to-date.