The world’s fourth largest wind turbine manufacturer, Xinjiang Goldwind Science & Technology Co., Ltd. (“Goldwind”) and Global renewable energy developer, Mainstream Renewable Power (“Mainstream”) today signed a 50/50 joint venture to build the first phase of the Ckani Wind Farm in the Antofagasta region of Northern Chile. The agreement was signed in Dublin during the “Ireland - China Trade and Investment Forum” which was attended by Xi Jinping, Vice President of The People’s Republic of China.
Under the terms of the agreement, Chicago based Goldwind USA, a subsidiary of Goldwind, will supply 47 GW87 1.5 MW wind turbines. This is the third collaboration between Mainstream and Goldwind, and their second deal in Chile. In December last year Mainstream purchased 23 of Goldwind’s GW87 1.5 MW wind turbines for the 34.5MW Negrete Cuel Wind Farm in central Chile.
The Ckani wind farm, which received environmental approval in December 2011, has a total potential capacity of 240MW and has been developed by Mainstream since 2009. It will be connected to the SING Electrical System and this first 70MW phase is expected to start construction by end of 2012. Mainstream plans to have all 240MW operational by 2015.
“We are delighted to see such tremendous progress in a short period of time,” said Wang Haibo, Executive Vice President of Goldwind and CEO of Goldwind International. “While we have much work ahead of us in the Americas, our efforts in western markets are a testament to how our localized approach to globalization has helped foster the ongoing health and growth of the global wind industry.”
“We are pleased to partner with Mainstream Renewable Power on the Ckani project,” said Tim Rosenzweig, CEO of Goldwind USA. “With Goldwind’s advanced Permanent Magnet Direct Drive technology and our ability to offer a variety of financing solutions, including project finance debt and preferred and common equity, we believe that Goldwind is well-positioned for continued success throughout North and South America.”
Commenting on the deal, Mainstream’s Chief Executive Eddie O’Connor said: “Goldwind and Mainstream have established a strong and enduring relationship over the years and I am delighted that we are working together on such an exciting project for Chile. Strategic collaboration with China is core to Mainstream’s global strategy; this is our third deal with Goldwind, last year we opened our Beijing office and we also welcomed Liming Wang, Director of the UCD Confucius Institute for Ireland, on to our Board of Directors.
He continued: Mainstream’s goal is to deliver low cost, high quality renewable energy projects by partnering with world-leading Chinese technology manufacturers like Goldwind. It’s simple; Mainstream has over 15,000MW of wind and solar projects globally and our Chinese partners have the world-leading technology which is ready to deploy cost-effectively and at scale.”
In addition to the Ckani and Negrete projects in Chile, Goldwind also secured a deal for a 16.5MW project in Ecuador in late 2011.