Sinovel to raise 513m in Shanghai IPO

Sinovel Wind Co., Ltd. is No.7 largest wind turbine manufacturer in the world and No.1 in China. Headquartered in Beijing, Sinovel has four manufacturing bases in Dalian, Jiangsu, Inner Mongolia and Gansu Provinces.

Sinovel Wind expects to manufacture 2,000 sets of 1.5MW wind turbines and 100 sets of 3MW turbines in 2009, placing it among the top five manufacturers globally. Sinovel has about 1,700 employees, nearly 1,000 of whom are technicians.

Dalian Heavy Industries, with a 20% holding, will remain the Sinovel’s biggest shareholder. In December, Sinovel’s vice president, Tao Gang said the company was considering listing on the stock market through an initial public offering.

In 2009 Sinovel announced it had begun cooperating with wind power developers across the world as part of a long-term global marketing strategy. In January it started production of a 5 MW wind turbine at its factory in Jiangsu and in December launched its first 3 MW wind turbine.

Goldwind has confirmed that it wants to be listed on the Hong Kong stock exchange after a shareholders meeting in September 2009 endorsed the issue of shares to the value $36 million.

China WindPower Group Ltd, a Hong Kong-based company engaged in clean and renewable energy projects, said that it spent HK$617 million to buy wind energy generation equipment from Sinovel Wind Group Co Ltd.

The company said in a statement filed with the Hong Kong Stock Exchange that it mainly purchased equipment for its wind farm project in Jiuquan, Gansu Province.

The company added that it is in talks with Sinovel to purchase additional equipment for the wind power project. Sinovel Wind plans to establish a wind industry base in the Changxing Island Harbor Industrial Zone of Dalian, Liaoning Province.

www.sinovel.com/