Dongfang Electric Corp., China’s third-largest power equipment maker, said it received 20.4 billion yuan ($3.06 billion) of orders for thermal-, wind- and nuclear-power generating equipment from India and China.
Abhijeet Projects Ltd. will buy 10 sets of 660 megawatt “supercritical” coal-burning units for about $2.5 billion, Dongfang said in a Hong Kong stock exchange filing yesterday. The order, signed Dec. 15, is the company’s largest from India.
Chinese companies signed $16 billion of deals with Indian counterparts during Premier Wen Jiabao’s visit this week. Commerce Ministry official Liang Wentao told reporters in Beijing on Dec. 13 that the agreements also include an $8.3 billion sale of coal-fired power generators by Shanghai Electric Group Co., Dongfang’s largest rival, to Reliance Power Ltd.
Dongfang signed a contract on Nov. 12 to supply 166 units of 1.5 megawatts of direct-drive wind-power equipment to India’s KSK Ltd. for about $203 million, according to the statement. On Nov. 4, it agreed to sell steam-turbine generating sets to CPI Jiangxi Nuclear Power Co. and China Power Project Equipment Co. for 2.4 billion yuan.
In total, the three orders are equivalent to 61 percent of revenue in 2009, Dongfang said. In the first nine months of 2010, Dongfang’s sales were 26 billion yuan, a 14 percent increase from a year earlier, according to an Oct. 29 filing.
The stock fell 1 percent to HK$34.15 in Hong Kong trading yesterday, cutting its gain this year to 64 percent. The benchmark Hang Seng Index has advanced 3.9 percent in 2010.
