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GD Power to spend 660m yuan on alternative energy projects

By Zheng Lifei (chinadaily.com.cn)
Updated: 2009-03-26 17:32

GD Power Development Co, a major power producer and heating supplier in the country, announced on Thursday that it will pour 660 million yuan ($96.63 million) into several alternative energy projects through its subsidiary to further diversify its business portfolio.

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Guodian Technology & Environment, in which GD Power holds a 49 percent stake, will build a polysilicon cell (used in solar power) plant, GD Power said in a stock exchange filing.

The plant, with an annual capacity of 5,000 tons, will be constructed in two phases, with the first phase scheduled to be completed by October 2010, the Shanghai-listed company said.

Guodian Technology & Environment, in which GD Power's parent China Guodian Corporation holds the remaining 51 percent stake, will also set up a wind power equipment and research and development facility in Lianyungang, in East China's Jiangsu province.

Guodian Technology & Environment, along with two partners, will also build a factory to produce gearboxes used in wind turbines.

Total investment will amount to 1.34 billion yuan, of which GD Power will contribute 660 million, in accordance with its stake in the company.

The listed arm of one of the country's five biggest electricity producers will also set up a subsidiary in Zhuhai in South China, dedicated to the wind power development business, the company said in a stock exchange filing on Thursday.