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Goldwind Denies Report of Guaranteeing Loan to Sell Turbines

July 5 (Bloomberg) -- Xinjiang Goldwind Science & Technology Co. denied that it guaranteed a unit’s loan and used it to sell equipment.

The unit, Vensys Energy AG, didn’t borrow 100 million euros ($129 million) and Goldwind didn’t offer its guarantee, the biggest turbine maker in China said today in a filing to the Shenzhen stock exchange. Goldwind was responding to a report in the 21st Century Business Herald.

The Urumqi-based turbine maker halted trading on July 3 after the report and will resume on July 8. Goldwind used the 100 million-euro guaranteed loan to support the customer in Cyprus to buy its 21 turbines, the Herald reported.

Vensys’s customer had obtained a 40 million euro loan from China Development Bank Corp. Goldwind said it didn’t harm legitimate interests of investors because Vensys supplied 21 1.5-megawatt turbines to the customer in Cyprus at the market price.

To contact the reporter on this story: Feifei Shen in Beijing at fshen11@bloomberg.net

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

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