China Longyuan Power Group Corp on Monday said it agreed to buy from its parent, China Guodian Corp, wind energy and biomass assets worth 1.51 billion yuan ($238.2 million).
China’s largest wind-power developer said it is buying the assets to boost installed wind capacity and enter the biomass business.
China Longyuan said it is paying 1.43 billion yuan to acquire stakes in wind-power assets with a combined installed capacity of about 346 megawatts (MW).
The company is spending 75.2 million yuan for biomass projects with combined installed capacity of 144MW, it said.
The acquisition is expected to help consolidate the renewable assets of the Guodian group as China Longyuan expands its portfolio in the world’s fastest-growing market for renewable energy.
China has the world’s highest wind-power capacity after adding 62 percent or 16 gigawatts (GW) in new capacity last year. Newly installed wind power capacity was 18.9GW in 2010, up 47 percent year-on-year.
The Global Wind Energy Council forecast earlier this year that global wind-power capacity will more than double by 2015, growing to 450GW from 194.4GW at the end of 2010.
