Chinese turbine manufacturer Hewind's private share offering

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Chinese turbine manufacturer Zhejiang Hewind has announced a private offering of 15-30 million additional shares. The money raised will be used to build up a research and development centre for megawatt scale wind turbines and a manufacturing base capable of producing 300, 1.5 MW wind turbines a year. Hewind designed its 1.5 MW machine in partnership with Aerodyn of Germany (Windpower Monthly, April 2007). The completion of a prototype, however, has been delayed by component supply problems, including the delivery of bearings. The first machine is expected off the production line this month. The company will assemble the 1.5 MW machines at a factory in East China's Yueqing, where its parent company, Huayi Electric, is based. This year will see 20-30 units produced, but output is to climb to 300 units in the next two years, says Hewind. The company produces a 780 kW turbine and already this year has orders for 100 of them. It plans to deliver around 400, 780 kW units this year and has upped its sales target for 2009 to 500 units.

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