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China

China

Goldwind sells off manufacturing plant

GOLDWIND: Chinese wind turbine manufacturer Goldwind has sold 80% of its subsidiary Xi'an Goldwind Technology, for CNY 64.8 million yuan ($10 million), to YEXX, a wholly-owned subsidiary of state-owned turbine manufacturer China CNR Corporation.

The Goldwind subsidiary, which is one of its factories, is located in northwest China’s Shaanxi province. It has been renamed into Xi’an Yongdian Goldwind, according to Xie Jilong, secretary of the board of directors office of China CNR.

Xie said that purchasing Xi’an Goldwind could enhance CNR's competitiveness in developing its own direct-drive permanent magnetic wind turbines.

"We are satisfied with the purchase price," said Xie. The deal took place as the Chinese wind power industry plunged to the low tide. 

Goldwind said in a statement that "This transaction will allow the company to better adapt and strengthen its competitive advantages in the industry, and improve its profitability."

This is third sale of a major Goldwind asset so far this year. Goldwind said at the announcement of its third quarter results that it has over-invested in recent years.

In 2011, Goldwind replaced Sinovel to be China’s largest wind turbine maker in terms of newly installed capacity. It had 3600MW turbines installed in the year, taking up 20.4% of the Chinese market.

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