China's wind power generation capacity is estimated to reach 150 GW by 2020 and Chinese power producers are wasting no time and sparing little expense to grab a larger piece of the wind market pie.
China's largest energy company, China HuaNeng Group, has placed an order for wind towers from U.S. owned CleanTech Innovations, Inc. (Nasdaq: CTEK) worth US$11 million. The companies signed two contracts for orders to be delivered in 2011. The contracts represent 50% of CleanTech's entire 2010 revenue. As China's top state-owned energy company HuaNeng produces 17% of China's clean energy capacity and growing.
This announcement comes just days after state-owned energy producer, China Resources Power Holdings Company Limited said that it plans to annually spend US$970 million on wind power projects. The message seems clear in China, the wind is blowing in incredible earning potential.
"The new contracts are critical to meeting our 2011 revenue targets in a favorable market environment," said CleanTech Innovations Chairman and CEO ei Lu. "We look forward to delivering another year of record earnings growth in 2011."
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