China CNR lands USD 563m in wind deals

Sep 11, 2014 - Train manufacturer China CNR Corp Ltd (HKG:6199), which also produces energy equipment, Wednesday said it has signed four new contracts in the wind power segment, worth over CNY 3.45 billion (USD 563m/EUR 436m).

The biggest deal, of CNY 2.75 billion in total, was awarded to China CNR’s electrical transmission systems unit Yonji Xinshisu Electric Equipment (YXEE) by Chinese wind turbine maker Xinjiang Goldwind Science & Technology (HKG:2208). It involves the provision of 1.5-MW and 2.5-MW turbines. That same CNR subsidiary in October 2012 acquired a 80% stake in Goldwind’s wholly-owned unit Xi'an Goldwind Wind Power Equipment Manufacture. The ordered turbines will be manufactured by the latter.

China CNR, through its subsidiaries, also entered into contracts with Jinzhou Xiehe Xingda Wind Power Generation Co Ltd and the wind power branch of Datong Coal Mine Group Electrical Energy Co Ltd to procure and install wind turbines. The two deals are worth some CNY 198 million and CNY 370 million, respectively.

The company also struck a CNY-137-million wind power tower processing deal with Chinese industrial machinery producer Taiyuan Heavy Industry Co Ltd (SHA:600169).

In yesterday's press release, China CNR unveiled total of 12 contracts, worth CNY 6.49 billion. This is equal to some 6.67% of its operating revenue in 2013, it noted. Apart from the wind turbine orders, the other orders include wagon export, traction systems and components, metro cars and diesel- and electricity-powered units.

(CNY 1 = USD 0.163/EUR 0.126)

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