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BP enters Chinese wind market
1 February 2008
Global energy company BP has made its entry into the Chinese wind market official. It has confirmed a framework agreement with a subsidiary of Goldwind, China's leading wind turbine supplier, to develop and operate three 49.5 MW projects in the Damao prefecture in Inner Mongolia. Under the agreement with Goldwind's Beijing Tianrun New Energy Investment Company (TNEIC), BP will acquire a 49% stake in the three projects while TNEIC retains a controlling 51% share. Last July, TNEIC set up a dedicated company, the Damaoqi Tianrun Wind Power Company Limited, with a registered capital of CNY 100 million ($14 million) to take charge of the building and running of the wind plants. Construction has started on the first wind farm, located in Beiyun Ebo. Due for completion in July, the CNY 503.52 million ($70 million) project will comprise 66 Goldwind 750 kW machines. The other two projects are awaiting planning approval, says TNEIC. BP and TNEIC plan to explore further opportunities in other areas of Inner Mongolia.
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