The Industrial & Commercial Bank of China Ltd. (ICBC) has granted a $1.6-billion credit facility to Xinjiang Goldwind Science & Technology Co. The capital will allow Goldwind access to loans supporting fixed assets, working capital, acquisitions, trade finance, project financing, and export credit over the next two to three years. Other recipients of this type of financial mechanism include wind and solar manufacturers Sinovel Wind Group Co. and Suntech Power Holdings Co. Ltd., according to Bloomberg New Energy Finance.
Sinovel and Goldwind are looking to overtake the world’s largest wind turbine manufacturer, Danish company Vestas. And according to Bloomberg, this could happen by 2015.
Suggested Reading:
Chinese Wind Company Tries to Push out Vestas May 10, 2010
Windy Alliances Between China Longyuan and Vestas April 5, 2011
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