Economy

Markets

Industries

Insights

Reports

Events

Vestas increases China investment by $90m

(Xinhua)
Updated: 2009-03-07 16:41

Vestas, the world's largest wind power equipment manufacturer by market share, Saturday announced it had increased investment in its China subsidiary for a fifth time in a bid to tap growing business opportunities.

Related readings:  Vestas invests $30.02m in new blade factory in Tianjin  Vestas wins $81.08m Chinese wind turbine order  Energy: Mixed energy forecast  Energy: Investment in nuclear and wind power soaring

The Danish company invested another $90 million, increasing the total investment in Vestas Wind Technology (China) Ltd to $363 million.

The wholly-funded subsidiary was established with an initial investment of $30 million in Binhai New Area, a northern port city of Tianjin, in 2005.

The new investment would fund expansion of production capacity of wind turbine blades and reduce its reliance on imports from Europe, the company said in a press release.

The China subsidiary produces wind power blades, nacelles and generators. The control systems and machine plants are expected to start work in April, it added.

Vestas announced late December that it had received three orders for wind power equipment with a total capacity of 200 megawatts from China's power companies.