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China

China

Longyuan considers Initial Public Offering

Encouraged by the enthusiasm in China for wind company stocks, exemplified by the successful listing at the start of the year of the country's leading wind turbine manufacturer, Goldwind (Windpower Monthly, February 2008), China's largest wind energy developer, Longyuan Electric Power Group Corporation, is considering an Initial Public Offering some time this year to fund its wind power growth. By the end of 2007, Longyuan's installed wind capacity had reached 1620 MW, accounting for about 30% of the country's total installation. Significantly, all of its wind projects, now more than 20 in total, made a profit last year, it says. It achieved this, it says, through economies of scale and the sale of wind power's associated carbon credits under the United Nations Clean Development Mechanism. To date, the company has signed CDM credit agreements relating to 21 wind farms. Letters of intention have also been ratified for Longyuan to sell credits generated by a further 18 wind projects.

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