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Dutch Econcern enters Chinese wind
1 January 2009
Econcern, a renewables business in the Netherlands, is entering China's wind market following two agreements to build a combined capacity of over 720 MW across four projects. Econcern is investing EUR 863 million under the agreements to build three projects with CNOOC New Energy, a subsidiary of oil giant China National Offshore Oil Corporation, and one with Sinohydro Renewable Energy, a subsidiary of Sinohydro Corporation. Both Chinese firms are owned by the state and will be the majority shareholders in the projects. Construction on all projects is due to start this year. The CNOOC developments, totalling 521 MW, are being built in Gansu, Hainan and Inner Mongolia. Gansu is also the location of the 200 MW Sinohydro project. "These deals show that investment in sustainable solutions remain strong despite the current situation with the financial markets," say Econcern's Ad van Wijk.
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