Carbon Credits, China, Clean Energy, Renewable Energy, Wind

AES in China Wind Venture

August 10, 2007 (InsideGreentech.com) – Virginia power company AES (NYSE: AES) announced plans yesterday to expand its wind generation business into China through a joint venture with Guohua Energy Investment, a Chinese renewable energy group.

AES said the joint venture, 49 percent owned by AES, will build, own and operate a 49.5 megawatt wind farm in the Huanghua area of Hebei province, approximately 124 miles southeast of Beijing.

Financial terms of the joint venture, known as Guohua AES (Huanghua) Wind Power, were not disclosed.

“We see tremendous growth opportunities for wind generation in China, which has committed to adding 30,000 MW of new wind power by 2020,” said Tom Kunde, VP of AES North Asia.

AES said it became the first U.S.-based power company to enter China in 1994, and that with yesterday’s deal it will become the first U.S. power company with wind generation facilities in the country.

AES operates seven power plants in six provinces and municipalities in China with a total generation capacity of 2,842 MW.

The new wind farm is expected to start operations in 2009. AES said the site has the potential to generate up to 225 MW.

AES said the Hebei Provincial Power Co. will purchase all of the power generated by the facility, as required by the Chinese Renewable Energy Law.

The Virginia company, which entered the wind generation business in 2004, also announced yesterday that it started commercial operation of its 233 MW Buffalo Gap 2 wind farm expansion near Abilene, Texas.

The expansion makes Buffalo Gap the third largest wind farm in the state, according to AES, with a total wind power capacity of 354 MW, enough energy to power approximately 100,000 homes.

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