Wind power giant Goldwind is expanding its renewable energy portfolio with a RMB 4 billion ($553.2 million) investment in the solar photovoltaic (PV) industry. This move comes as the renewable energy market shows promising prospects and companies continue to strengthen their presence in the industry.
Goldwind, known for being one of China’s earliest wind power equipment manufacturers, has been progressively increasing its focus on the PV industry. The company recently announced that RMB 4 billion of its new manufacturing base will be allocated to the solar sector.
According to the disclosure, Goldwind has signed agreements with the Qinhuangdao municipal government and the Qinhuangdao Economic and Technological Development Zone. The company will invest in offshore wind power and construct a renewable energy equipment manufacturing base in Qinhuangdao, a coastal city in China’s Hebei province.
The total investment for the project amounts to RMB 13.3 billion ($1.84 billion). Goldwind and its industry alliance will oversee the wind power section of the project, investing a minimum of RMB 9.3 billion ($1.29 billion). The solar power section, with a total investment of RMB 4 billion ($553.2 million), will be jointly invested by the Qinhuangdao government and Goldwind.
By capitalizing on the rapid growth of China’s offshore wind power market, Goldwind aims to enhance its position in major coastal provinces. The company plans to leverage the port and offshore resources of Qinhuangdao, fully utilize its own resources, and drive the wind power industry chain.
