Sinovel Wind Plans to Build $441 Million Turbine Factory in Shanghai

Aug. 30 (Bloomberg New Energy Finance) -- Sinovel Wind Co., a Beijing-based wind-turbine maker, plans to invest 3 billion yuan ($441 million) in a plant in Shanghai to help meet domestic and overseas demand.

Construction of the Lingang plant will start in February and is due to be completed by July next year, the Shanghai municipal government said in a statement on its website on Aug. 28. The plant will have an annual capacity of 1.5 gigawatts.

The facility will supply wind turbines to customers in Shanghai, Zhejiang and Guangdong as well as overseas markets, according to the statement. The plant will produce offshore wind turbines with unit capacity of 5, 6 and 10 megawatts.

Sinovel said in March it plans to raise 3.5 billion yuan in an initial public offering on the Shanghai Stock Exchange.

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