CWP signed a framework agreement with Liaoning Energy to establish 18 new joint ventures in Chaoyang, Liaoning Province.
The joint venture will develop 900MW of wind power projects. Each of the new joint ventures will be responsible for a single wind farm project with each having an initial target installed capacity of 49.5 MW.
The total investment of each JV would not exceed US$73 million. The remaining part of the total investment will be raised by each new joint venture through external debt.
Out of the 18 new JVs, 9 JVs China Wind Power holds 55 percent equity capital, and Liaoning Energy holds the rest of 45 percent. With the other 9 new wind power plants, Liaoning Energy possess 55 percent equity capital and the remaining 45 percent by China Wind Power. As for project financing arrangement, any capital needs other than the equity capital of the wind power joint venture will be financed by banking facilities.
CWP has had several great collaborations with Liaoning Energy. The signing of the agreement represents a new stage in cooperation between the CWP and Liaoning Energy following the establishment of seven joint ventures last year. Both parties will leverage on their advantages in financing and project development & construction to enhance the development of wind power in Liaoning Province.
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