Spanish Corp. Agrees To Build 400 Wind Turbines A Year In China - Reuters

[hatrack]

MADRID - Spain's Acciona said on Monday it agreed a joint venture to produce wind power turbines in China, boosting its shares which have lagged those of rival Spanish builders.

Acciona's wind power unit EHN and the state-owned China Aerospace Science and Technology Corporation (CASC) announced a plan to invest 24.6 million euros ($30.2 million) initially to build 400 turbines a year in Nantong for the Asian market. The project could potentially bring 400 million euros in annual revenue for the venture, they added.

Production could rise to 600 turbines per year in the short term, Acciona said. The project would focus on the Chinese market but also pursue exports as Acciona seeks to expand its wind power business.

Acciona's wind power unit EHN and CASC will hold 45 percent each in the venture, with the Hispano-Chinese marketing company Inceisa owning the other 10 percent, Acciona said in a statement."

EDIT

How strange! It's not an American company, and our technology is the envy of the world, or something like that . . . :eyes:

http://www.planetark.com/dailynewsstory.cfm/newsid/31142/story.htm