Mainstream links with Goldwind for Chilean project

CHILE: Ireland-based developer Mainstream Renewable Power has inked a new 50/50 joint venture with China’s Xinjiang Goldwind Science & Technology of Beijing for a wind project in Chile.

GE's 1.5MW turbine
GE's 1.5MW turbine

Goldwind’s US subsidiary is supplying 47 of its 1.5MW direct-drive permanent-magnet turbines for the first phase of Mainstream’s Ckani project in Antofagasta, northern Chile. Construction is expected to start this year.

The deal was unveiled today at the Ireland — China Trade and Investment Forum in Dublin, an event attended by Xi Jinping, China’s vice president.  

Xi is in line to succeed President Hu Jintao in 2013, making Xi the political leader of the world’s largest wind market.

The Mainstream/Goldwind deal will use non-recourse financing from the China Development Bank (CDB).

Previously,  Mainstream bought 23 of Goldwind’s 1.5MW turbines for the 34.5MW Negrete Cuel project, also in Chile.

Negrete Cuel was the first Western-owned wind venture to use CDB non-recourse financing.

Goldwind’s 106.5MW Shady Oaks project, to be completed this quarter in the USA, was bought from Mainstream.

A publicly traded firm, Goldwind has a $6 billion credit line from the CDB and $5.5 billion in internal financing from Beijing Tianrun New Energy Investment, a unit of the CDB.

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