Sinovel Wind Shares Gain Up to 8.8% in Shanghai Trading

June 23 (Bloomberg) --Sinovel Wind Group Co. paced gains among some Chinese wind-turbine makers in Shanghai and Shenzhen trading after Xinhua News Agency reported that China will increase offshore wind power installed capacity.

Sinovel jumped 5.7 percent to 29.10 yuan in Shanghai as of 10:09 a.m. local time, the biggest intraday advance since May 31. Xinjiang Goldwind Science & Technology Co. rose 1.4 percent to 14.63 yuan in Shenzhen. Xiangtan Electric Manufacturing Co. climbed 2.2 percent to 11.50 yuan.

Installed capacity will be increased to five gigawatts by 2015 and 30 gigawatts by 2020, Xinhua cited the National Energy Administration as saying. Public tender for the second round of offshore wind power concession projects will be completed during the first half of 2012, the report said.

To contact the reporter on this story: Bloomberg News in Shanghai at jjiang@bloomberg.net

To contact the editor responsible for this story: Gregory Turk at gturk2@bloomberg.net

Press spacebar to pause and continue. Press esc to stop.

Bloomberg reserves the right to remove comments but is under no obligation to do so, or to explain individual moderation decisions.

Please enable JavaScript to view the comments powered by Disqus.