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China

China

Far East Wind Power acquires 50MW Chinese wind farm

CHINA: Far East Wind Power has signed an agreement with Beijing Tongchuang Hengyuan Technology Development Company to acquire rights to a 50MW wind farm located in China's northwest Ningxia Hui Autonomous Region.

The  agreement includes provisions for Far East Wind's ownership interest in the  wind farm to be structured as a Sino-foreign joint venture of 49% with  the local Chinese partner to own 51% of the project.

Additionally,  Far East Wind plans to undertake to fund up to $20million of the development  costs. Beijing Tongchuang will execute its business plan and  work to obtain all necessary remaining permitting and authorizations for  the wind farm, and to secure low interest rate bank debt financing of  up to $70 million.

In 2006, nine wind power projects with a combined capacity of around 2GW were announced by the local government for  Ningxia Hui Autonomous Region by 2020 at a cost of CNY17.6 billion ($2.2 billion).

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