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China

China

Goldwind secures $5.6 billion expansion loan

CHINA: Goldwind has signed an agreement with China Development Bank (CDB) for a CNY 35 billion ($5.6 billion) loan for domestic wind farm construction and other businesses.

Under the agreement, Beijing Tianrun New Energy Co. Ltd., a Goldwind subsidiary, will receive the loans from CDB up to 2013 to develop, construct and operate wind farms in China. It will also and launch and acquire companies.

In May 2010, Goldwind signed a strategic agreement with CDB for $6 billion intentional loans to explore the international market.

Ma Jinru, vice-president of Goldwind, said: "The agreement will integrate competitive resources of Goldwind and CDB for profound strategic partnership."

Goldwind had sold over 10GW wind turbines by September 30, 2011. However, it has suffered from a continued slide in profits.

In the first three quarters of 2011, Goldwind's profit totalled CNY 615 million, down 59.85% on the previous year.

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