March 14, 2011 / 5:47 PM / in 7 years

UPDATE 1-China's Xinjiang Goldwind targets African growth

* China’s Goldwind sets sights on Africa

* Has secured significant credit for expansion

(Adds details)

By Wendell Roelf

CAPE TOWN, March 14 (Reuters) - China’s Xinjiang Goldwind Science and Technology (2208.HK), the world’s No. 5 maker of wind turbines, opened an office in Cape Town on Monday with the aim of supplying equipment and project finance in Africa.

The company, which since the turn of the millenium achieved an average growth of more than 100 percent a year, listed on the Hong Kong bourse late last year and will use the roughly $900 million raised to help fund debt and equity projects in Africa, the Americas and Australia. [ID:nTOE69700O]

“Goldwind Africa will not only be looking for projects to supply turbines, but we will also be looking at projects to offer equity and debt financing,” Chunhua Li, the deputy director general of Goldwind International saidy.

Li said at the office launch that the company has strong relations with Chinese financial institutions, and had secured significant credit lines.

“We have been offered a significant credit line to support our international sales and investment outside China,” Li said.

Wind energy is forecast to increase to make up between five and 22 percent of world power generated by 2030, with nations in Africa and Latin America moving to catch up alongside established markets in Europe, North America, China and India. [ID:nLDE69B08O]

The Global Wind Energy Council said in 2010 that Africa, the world’s poorest continent, fared worse amongst other regions when it came to wind power generation. [ID:nLDE64C0H2]

Goldwind, which would initially import turbines, is in discussions with several South African wind developers to partner wind projects in Africa’s largest economy that is diversifying away from its coal-based energy dependence.

“We don’t have any factories, but as evolve local markets it is something we are very interested in, everything from sourcing parts, doing assembly, tower production,” Daniel Kurylo, director of Goldwind Africa, told reporters.

South Africa is aiming to generate 10,000 gigawatt hours from alternative energy sources by 2013. (Reporting by Wendell Roelf; Editing by Peroshni Govender and Anthony Barker)

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