BP Alternative Energy has backed out of a partnership in a wind farm project with a Goldwind Science & Technology Co. subsidiary after deciding to halt its wind power business in Asia, according to a statement posted on the Shenzhen Stock Exchange.
BP Alternative Energy and Beijing Tianrun New Energy Investment Co, a subsidiary of Goldwind, signed a framework agreement in January to develop wind farms with a planned total capacity of 148.5 MW in Inner Mongolia, China’s top base for wind power.
A Goldwind statement from January had said BP would buy a 49% stake in the joint venture. China, ranked as the world’s fifth-largest country for installed wind capacity in 2007, accounted for about 6% of the total 94 GW, according to the Global Wind Energy Council.
Goldwind said the construction of the wind farm was expected to be completed in February 2009, and it was seeking new partners.