A-Power Energy Generation Systems Ltd. (APWR), a Chinese wind-turbine company, has recently won the contract to provide turbines for one of the largest wind farms in America. Shenyang Power Group, a five-month-old alliance that is controlled by APWR, will supply the 36,000-acre development in West Texas with 240 of its 2.5-megawatt wind turbines. This project that will light up 180,000 American homes will cost nearly $1.5 billion that will be financed by Export-Import Bank of China.
The new project will stimulate remarkable growth in the renewable energy sector and could create as many as 2,800 jobs. The main reason behind China striking the deal is that the U.S. manufacturers of wind turbine components have had trouble getting financing during the recession. So it proved to be quite beneficial for China, which plans on future investments in the U.S. renewable industry as a way of creating a market for Chinese wind and solar equipment manufacturers. The project still looking forward to acquire the necessary permit is expected to accomplish its goal by 2011.
