Australia markets closed
  • ALL ORDS

    7,689.70
    +69.50 (+0.91%)
     
  • AUD/USD

    0.7402
    -0.0019 (-0.25%)
     
  • ASX 200

    7,381.10
    +69.40 (+0.95%)
     
  • OIL

    83.13
    +0.85 (+1.03%)
     
  • GOLD

    1,764.60
    -3.70 (-0.21%)
     
  • BTC-AUD

    84,159.91
    +1,758.98 (+2.13%)
     
  • CMC Crypto 200

    1,458.65
    +51.91 (+3.69%)
     

Wind Turbine Maker Plans First Big Chinese-Built Plant in Europe

  • Oops!
    Something went wrong.
    Please try again later.
·1-min read
In this article:
  • Oops!
    Something went wrong.
    Please try again later.

(Bloomberg) --

Most Read from Bloomberg

Chinese wind turbine manufacturer Ming Yang Smart Energy Group Ltd. is planning to set up a major manufacturing facility in Germany in a bid to capture a chunk of Europe’s fast-growing renewable power market.

The factory will be able to produce turbines with the power capacity of at least a gigawatt each year, and will also supply components and parts to European buyers, Ming Yang Vice President Ye Fan said in an interview. The aim is to start building the plant, probably in south Germany, within three years, he said.

Ming Yang’s facility will be first major wind equipment manufacturing hub built by a Chinese company in Europe, although some of its domestic rivals already have a presence in the region. Xinjiang Goldwind Science & Technology Co. has a majority stake in German turbine manufacturer Vensys Energy AG and Envision Energy Co. has a research center in Bristol, U.K.

See also: China’s Ming Yang Plans to Offer World’s Largest Wind Turbine

China’s top wind turbine makers, which account for around 60% of global production, are vying to enter Europe as authorities there strengthen pollution reduction goals. The global offshore wind sector is poised to grow more than 10-fold over the next 15 years, with Europe making up a large chunk of expansion in the near term, according to BloombergNEF.

Chinese wind turbine manufacturers now account for 63% of offshore wind installations globally and 59% of those onshore, according to BNEF.

Most Read from Bloomberg Businessweek

©2021 Bloomberg L.P.

Our goal is to create a safe and engaging place for users to connect over interests and passions. In order to improve our community experience, we are temporarily suspending article commenting