Economy

Goldwind gets $6b credit line to fuel its int'l drive

By Nie Peng (chinadaily.com.cn)
Updated: 2010-05-21 13:08

Xinjiang Goldwind Science & Technology Co, the world's fifth largest wind power equipment maker, has secured a credit line of $6 billion yuan from China Development Bank to support its overseas market expansion, China Securities Journal reported Friday.

Chief Financial Officer Sun Liang said Goldwind plans to boost its income from the overseas market to 30 percent of the company's total sales revenue by 2012.

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Goldwind and China Development Bank signed a strategic cooperation agreement in Beijing on Thursday.

According to the agreement, the loans will mainly fund Goldwind's efforts in expanding its overseas sales, investing into wind power projects abroad, carrying out industrial restructuring, and offering financial leasing services, including providing credit for potential buyers on targeted overseas markets.

Separately, Goldwind had a listing hearing at the Hong Kong Exchanges and Clearing on Thursday, the paper said.

The company may raise $1.5 billion by floating up to 455 million shares in Hong Kong in the first half of this year, according to the report.

On May 17, Goldwind announced that its Hong Kong IPO plan had been approved by the China Securities Regulatory Commission, China's top securities regulator.