Goldwind receives CHY40m Xinjiang grant

CHINA: The local government in northwest China's Xinjiang autonomous region has handed Goldwind a CHY40million ($5.98million) grant as part of the region's plan to build a wind energy manufacturing base.

Goldwind said it received the plans in a confirmation jointly issued by the Economic and Trade Development Bureau, and the Finance Bureau of the Economic and Technical Development Zone of Urumchi, Xinjiang, where Goldwind is based.

The aim is to construct a "state-level large-scale" wind power base with Goldwind at its centre and speed up the localisation of component production. The areas it will focus on include wind technology and energy storage.  

The move follows Goldwind’s recent IPO on the Hong Kong stock exchange where it raised $917million.

Much of the money will go towards expanding its production capacity. The funds will also be used to fuel the company’s international ambitions.

Goldwind CEO Wu Gang said the company is to concentrate on markets in Europe, North America, Australia, South Africa and central Asia.

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