The GD Power Inner Mongolia New Energy Development Co., Ltd as the controlling shareholder of Tianhe Wind Power witnessed and verified the signing of the contract.
China Guodian is one of China’s five-largest power generation groups with 110,000 employees located across 16 regions and provinces, 13 large subsidiaries, 2 scientific research institutes and nearly 200 primary power generation enterprises; it has 4 domestic A-share listed companies and a Hong Kong H-share listed company within the organization.
China Guodian has a total electrical installation generation capacity of 82,030,000kW, of which 5,345,200kW is dedicated for wind energy thereby accounting for 6.52% of the noted capacity ranking the company as fifth in the world and first in Asia. As of the end of December 2009, the total assets of China Guodian reached 418.8 billion Yuan (US $61.6 billion).
China Guodian has conducted an on-site investigation of GC China’s products and thoroughly reviewed the operational data which ultimately resulted in the contract agreement and has paved the way for future efforts together. The total contract price is 230,000,000 RMB (US $33.8 million). The contracted 50 wind turbine units are to be completely delivered before September of this year with all 50 units completed and connected to the local grid and commenced power generation by the end of this year.
Additional details regarding the Company and its 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.
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 2.5MW and 3.0MW utility scale turbine in development.