China General Nuclear Power Group will join forces with Baolihua New Energy Stock to develop two large wind projects
In the southern province of Guangdong, China, two major wind projects are planned. To build this great project will be China General Nuclear Power Group, a wind power giant in China, and Baolihua New Energy Stock, which will join forces.
The project includes a 900 megawatt offshore wind farm. The original project, assigned to CGN only, provided for a smaller wind farm. Baolihua, on the other hand, had obtained a 500-megawatt order
The collaboration will help accelerate the construction of the two projects, thus becoming a model for the contiguous development of offshore wind energy in the Guangdong province.
To obtain approval from the government, the two companies have decided to set up a joint venture, as follows: the CGN will hold 80% of the capital, while Baolihua will keep the remaining 20%. Finally, the project company will acquire the CGN wind energy branch based in Shenzhen.
The two sides established after getting approval from the government
The purchase price will be determined by an asset evaluation report issued by a third party agency, qualified by the State Commission for the supervision and administration of the activities of the State Council.
After fulfilling the conditions to start construction, the two parties will have to increase their investment in the project company, based on their participation ratio.
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