Bloomberg News

Sinovel Agrees to Supply $1 Billion Agaoglu Wind Farm in Turkey

April 11, 2012

Sinovel Wind Group Co. (601558) agreed to supply equipment to a $1 billion Turkish wind farm developed by Agaoglu Group as China’s biggest wind-turbine maker boosts orders overseas.

Sinovel will supply parts including wind-turbine towers and generators for the 600-megawatt project, according to a statement from Agaoglu, an Istanbul-based company with interests in construction, tourism and energy. Terms were not disclosed.

Chinese companies including Xinjiang Goldwind Science & Technology Co. plan to expand abroad to combat a slowing home market after a tighter government approval process for new projects raised competition. Goldwind, China’s second-largest turbine-maker, bought two wind farms in Montana this year and will supply projects in Chile. Sinovel signed a pact to work with Greece’s Public Power Corp. on wind last year.

Sinovel, based in Beijing, “looked positively” on an invitation to base part of the production in Turkey, according to the statement published on the company’s website yesterday. The project’s investment value is $1 billion, the company said.

Turkey, which seeks to generate 30 percent of its power from renewable sources by 2023, needs to develop clean energy at a faster pace, Agaoglu Chairman Ali Agaoglu said in the statement.

The nation, which is seeking to curb emissions while reducing dependence on energy imports, installed 470 megawatts of wind power last year, according to European Wind Energy Association data. It had 1,799 megawatts of wind in total at the end of 2011, according to the Brussels-based industry group.

Agaoglu Group targets power capacity of at least 1,000 megawatts by 2015 and holds licenses for as much as 700 megawatts of wind, Agaoglu said early March.

The company was in the “final stages” of talks with eight energy and private-equity investors to sell 147 megawatts of wind plants, he said at the time.

To contact the reporter on this story: Sally Bakewell in London at sbakewell1@bloomberg.net

To contact the editor responsible for this story: Reed Landberg at landberg@bloomberg.net


Too Cool for Crisis Management
LIMITED-TIME OFFER SUBSCRIBE NOW
 
blog comments powered by Disqus