China

CR Power further established new funding channel and lowered its funding costs via successfully issuing offshore corporate bond. The corporate bonds are valued at RMB2.0 billion or US$188.79 million. Proceeds will be used to invest in the development and expansion of power generation projects and supplement general working capital. The Issuance is divided into two tranches: 3-year and 5-year, each with issue size of RMB 1.0 billion or US$94.3 million, and coupon rate fixed at 2.90 per cent and 3.75 per cent respectively. Coupons are paid semi-annually in arrears with no amortization during the life of the bond. After issuing onshore RMB corporate bond and US$ senior notes earlier this year, through successfully issuing offshore RMB corporate bond, CR Power further expanded its investors base, which is beneficial for its long-term development. Furthermore, the Issuance allows CR Power to lock in and lower long-term funding costs, hence mitigating the impact of any potential future interest rate hike.  

To better serve customers in the region, Chromalloy has opened a new office in Chaoyang District, Beijing and has also launched its website in Chinese.

Suzlon Energy appointed He Yaozu as CEO and Country Manager of its China operations, Suzlon Energy Tianjin Limited. He Yaozu assumes his new role from 1st December 2010 and will report directly to Group Chairman Tulsi Tanti.

China Datang Corporation and KEPCO will jointly build a wind farm in Liaoning with an initial spending of $47 million. According to the yicai.com, Dating Corporation will contribute 60 percent of the initial investment.

 China will build a 10.8-million-KW wind power farm in Hami in the Xinjiang Uygur Autonomous Region within five year.

ABB will provide asset management software solutions for CNNP’s extensive new-build nuclear power plant program. An agreement has been signed between the two entities.

China’s new five year plan for renewable energy will include pledges to boost wind power capacity to 90 GW. It also intends to dam the UNESCO protected Nu River in the southwestern province of Yunnan. According to the China Securities Journal, citing information obtained from China National Energy Administration, a draft of the plan which covers the 2011-2016 periods had already been submitted to other government departments for consultation.

CTDC acquired a 100 per cent stake in Linsun Renewable Energy Corporation and its wholly-owned subsidiary Linsun Power Technology.

Construction of Taizhou City’s first solar photovoltaic power station has started. It is being supported by the central government with financial subsidies. The station is the first among the city’s four solar power plants that have been identified and approved by the Ministries of Finance and House and Urban-Rural Development as national pilot projects.

Alstom will  upgrade the Electrostatic Precipitators of units 1 and 2 of the captive power plant of BaoSteel.

A joint declaration between Farnce and China facilitated AREVA’s agreements with CGNPC and CNNC. The authorities of the two countries made a joint declaration in December 2009 authorizing CNNC and AREVA to enter into detailed negotiations. Anne Lauvergeon, AREVA CEO, and He Yu, China Guangdong Nuclear Power Corp or CGNPC Chairman, signed a long-term contract for the supply of 20,000 tons of uranium over a 10-year period. The contract is worth around 3.5 billion dollars. With Sun Qin, China National Nuclear Corporation or CNNC President, Anne Lauvergeon signed an industrial agreement on cooperation in the field of used fuel treatment and recycling. The document is the final step towards a commercial contract.

CER signed a US$10.9 million contract with Wengfu Co., Ltd. to retrofit a heat energy recovery system into an existing sulfuric acid plant. The plant is at the company's Fuquan City facility in Guizhou Province, China. CER's heat recovery system will be capable of generating 960 tons of steam per day at 176ºC and 0.8MPa from operations at the plant. The steam will be used to supply power for the plant, reducing its demand for electricity produced from fossil-fuels. CER's installation is scheduled for completion in August 2011.

CER manufacture and install two, large-scale waste heat recovery systems for sulfuric acid production for Hubei Sanning Chemical Co.

China Resources Power’s total net generation, on a consolidated basis, increased by 18.4% to 7,628,074 MW in October.

Gamesa’s wind turbines sales totaled 1,600 MW with 38 per cent coming from Asia.  The United States accounted for 22 per cent of sales. Revenues in services amounted to 227 million euro.

Hang Seng has supported constructions of 600 biogas toilets in mainland China’s Yunnan province this year.