CME invest 300 million Yuan in second phase offshore wind power blade project

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Chongqing Machinery & Electronics Holding (Group) Co., Ltd (CME) recent made announcement that the company will invest 296 million Yuan (US$ 45.41 million) in their offshore wind power blade industrialization development second phase project.

It is expected the new factory work house will be expanded in their Jiangsu Rudong location.

CME announcement pointed out that the first phase project will be established and put into operation in June, this year (2016). However, the existing production capacity cannot meet existing order and potential order demand. In order to effectively cover China east middle and south regional markets, overseas export market, as well as China domestic inland wind power market demand, CME decided to invest in this project.

According to the announcement, this second phase project total investment is 296 million Yuan (US$ 45.41 million), in which 196 million Yuan (US$ 15.34 million) will be invested in the fixed assets, while the remaining 100 million Yuan (US$ 30.07 million) will be used as the operational fund. According the announcement, all the investment will be arranged to be solved through debt financing and other method.

Source:CME

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