Ferostaal buys into Mongolian project

CHINA: German industrial services provider Ferrostaal is taking a majority stake in the 52MW Sainshand wind project in Mongolia which is slated for commissioning by end 2015 at a total investment of $120 million.

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The Sainshand project is already at an advanced stage of development with a power purchase agreement and all licences in place.

Ferrostaal Industrial Projects reported it is now "creating a bridge" between local developers of the Sainshand Wind Park, and investors worldwide using its project management, financing, engineering and contracting skills.

It has already joined forces with asset management experts from sister company Ferrostaal Capital and initiated talks with international investors," said Klaus Lesker, managing director of Ferrostaal Industrial Projects.

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