Goldwind will shift around CNY150 million ($22.8 million) raised last year on the Shanghai and Hong Kong stock markets to build a offshore wind turbine development and production base in Dafeng, in Jiangsu province.
In all, the Dafeng offshore turbine project involves a total investment of CNY300 million
The move represents a change of direction for the manufacturer as it initially planned to use the money to construct a MW-level turbine production base in Nanjing.
Goldwind said the move accords with the overall strategic arrangement of the company. The plan has been approved by the board of directors but needs shareholder approval.
Shi Pengfei, an independent director of Goldwind, said: "This shift in investment priority meets with the current Chinese market demands and Goldwind’s strategic development goals. It is an important move to consolidate Goldwind’s position as a major offshore wind turbine producer."
It has a lab for R&D of 3.6MW and 6MW offshore wind turbines, and an annual capacity to produce 450MW turbines.
Offshore wind power development has become a favorite of the country. China is constructing four offshore wind farms in Jiangsu, totaling 1GW. The four projects, announced in 2010, will be finished in four years.
Jiangsu plans to have 4.6GW offshore wind turbines installed in 2015 and 9.45GW offshore wind turbines installed in 2020.
China’s first offshore wind farm, Shanghai East Sea Bridge Offshore Wind Farm, was connected to the grid in June 2010, using 34 3MW Sinovel turbines.