Chinese firm to finance $300mn in U.S. wind farms

5 May 2009 — Dallas-based company Tang Energy Group agreed with a Chinese firm to secure $300 million in financing for wind power projects.
The company said the financing would enable it to build as much as 250 MW of wind power capacity.

Tang is considering wind farm projects in Illinois, Texas, Colorado, Iowa, Virginia and Massachusetts.

The CATIC International Trade and Economic Development Ltd, a unit of the state-owned industrial group the China Aviation Industry Corp, agreed to provide the financing to Tang.

Turbines financed by the agreement will be built of materials that are at least 40 percent U.S.-made. The towers and blades are likely to be U.S.-made while the cells are likely to be made in China, according to a press release.