China - GC China Turbine Corp to develop manufacturing base to supply large offshore wind farms

GC China Turbine Corp. (OTCBB: GCHT) announced that it has recently entered into a Memorandum of Understanding with the Yancheng regional government the intent to develop a local manufacturing base from which to build large utility scale turbines for offshore and coastal use in the area.

GC China Turbine Corp manufactures a 2-Bladed Wind Turbine utilizing technology, which was originally developed through a 10 year research project led by a Swedish government-backed investment fund. The company’s product is a 1 MW Utility Scale Turbine with designs for 2MW and 3MW turbines currently under development.

The company’s initial estimates indicate the potential order value for the project to be approximately million. Preliminary plans for the development propose several local offshore wind farms in the Jiangsu province of China, with each wind farm offering 500 megawatt (MW) capacity.

According to the company, China like many European companies, has attached increasing importance to the development of its offshore wind assets. GC China Turbine Corp says the opportunity provides an ‘extraordinary step’ in company’s long term growth and it ‘fully intends to maximise’ any investment in ‘what is rapidly becoming the hottest spot in the nation’ for future wind power generation.

According to GC China, it aims to work in conjunction with regional vendors and has subsequently identified localized industry suppliers that would benefit the venture through merger or acquisition opportunities. Additionally, the company’s current plans in Jiangsu for 2010, aim to deliver upgrades at key local facilities and ultimately commence the trial production and manufacturing of the new turbines.

To fulfil the project GC China Turbine Corp intends to further increase the momentum at its Swedish joint venture R&D facility, towards final stage development of the new 3 MW turbine. The company believes that the 3MW will be its prime offering, as it is best suited to exploit the extraordinary wind conditions of the Jiangsu region.

For more information please contact Trevior Sievert at ts@windfair.net