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China Longyuan Power Group - A Strong Wind Blowing
China Longyuan Power (Pink: CLPXF) is China's largest wind farm operator - and one of the largest in the world - with a business that is growing strongly as China's demand for wind power soars. It is a stock with great potential.
Based in Beijing, it was founded in 1993 as a state body charged with carrying out research into new energy technology. It listed on the Hong Kong Stock Exchange in 2010, although nearly two-thirds of the shares are still held by the state-owned China Guodian Corporation, one of China's largest power generation companies.
At the end of 2010 it had 6,556 MW of installed capacity at sites throughout the country. It also operates coal power generating facilities, with 1,875 MW of installed capacity, and it is active in trials involving solar power, tidal power, biomass and geothermal energy.
During 2010 the company added a total of 2,053 MW of new installed capacity and the 2010 full-year financial results were excellent. Sales revenues were up 46 per cent to RMB14.2 billion (about $2.2 billion), with an after-tax profit that more than doubled to RMB2 billion (about $307 million).
According to data compiled by BTM Consult, it was during 2010 that China Longyuan became the world's third largest operator of wind power, behind Iberdrola Renovables and NextEra Energy Resources.
The company continues to expand, and it intends to play a central role in official Chinese plans to boost renewable energy. It believes that it can add a further 2,000 MW of installed capacity during 2011, with a 40 per cent jump in wind power generation.
Long term, its stated aim is to become the world's largest wind power producer, and it has said it will spend RMB92 billion (about $14.1 billion) to install at least 16,000 MW of new capacity by 2015.
It is also seeking to expand overseas, and is investigating projects in North America, Europe and South Africa.
* Learn more on the attractions of the Chinese wind sector in the ebook Investing in Chinese Wind Energy.
April 26th, 2011