European sustainable energy group Econcern is aiming to become a major player in the rapidly-growing Chinese wind power market.
Econcern has signed agreements to invest €863 million to develop over 720 MW of onshore wind power capacity in China, which is now the fifth-largest wind power market in the world in terms of installed capacity.
Econcern will develop three wind farm projects for CNOOC New Energy, a subsidiary of China National Offshore Oil Corporation, and one for Sinohydro Renewable Energy. Construction of the projects will start in 2009.
“The size and scope of these agreements prove that a sustainable energy supply for everyone is absolutely achievable – it can be done and we are showing how,” said Econcern Chairman Ad van Wijk. “Econcern has ambitious growth targets; these deals show that investment in sustainable solutions remain strong despite the current situation with the financial markets.”
Installed wind power capacity in China stands at over 6 GW, according to the Global Wind Energy Council. It is the world’s fastest growing wind energy market, with an average annual growth rate of 56 per cent in the last seven years.
Encouraging large-scale development of the domestic wind power industry is a priority for the Chinese government. Based on the current growth rate, the Chinese Renewable Energy Industry Association forecasts an installed capacity of around 50 GW by 2015.
Linkedin
