Goldwind To Acquire Two Wind Energy Companies

Xinjiang Goldwind Science and Technology plans to purchase a 85 percent stake in Golden Concord Wind Power (Jiangsu) and a 25 percent stake in Golden Concord (Xilinhot) from Golden Concord Wind Equipment Holdings, reports, citing a company filing.

In addition, Goldwind intends to acquire a 15 percent stake in Golden Concord (Jiangsu) from Shanghai Guoneng Investment through its wholly-owned subsidiary, Goldwind Investment Holdings. The stake purchases will cost 200 million yuan in total for Goldwind.

Upon the completion of the transactions, Goldwind will hold a 100 percent stake in both Golden Concord (Jiangsu) and Golden Concord (Xilinhot). Goldwind expects to obtain advanced technology for the design and production of wind turbines blades and to lower its production costs.

Separately, Goldwind approved a plan by its wholly-owned subsidiary, Beijing Tianrun New Energy Investment, to sell a 100 percent stake in Beijing Xingqiyuan Energy-saving Technology, to China Three Gorges New Energy Corporation for 115 million yuan.

Furthermore, Goldwind will inject 550 million yuan into a wholly-owned subsidiary, Jiangsu Goldwind Wind Equipment Manufacturing, for the research of 6 MW wind turbine direct drive permanent magnets, an offshore wind turbine test site and engineering work on offshore wind farm.