CleanTech Innovations Enters Accord for Wind Power Supply with HuaNeng Group

The company will supply the wind towers during 2011 to HuaNeng. For the purpose of contracting the bid floated by HuaNeng before its deadline, CleanTech had earlier completed $20 million bridge financing.

Bei Lu, CleanTech’s Chairman and CEO, said that the two accords signed with HuaNeng covers nearly 50% of its revenue in 2010 and the contracts are essential to meet the revenue targets set by the company for 2011. The company has submitted such tower contract bids with other major companies in China and anticipates winning the bids through 2011.

HuaNeng, an energy company owned by the state, is one among the five bigger power producers and meets nearly 11.9% of the Chinese domestic power supply and nearly 12.8% of its total clean power generation.