Firms sign agreement of largest Chinese investment in U.S. renewable energy

09:00, October 30, 2009      

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Chinese and U.S. firms Thursday signed an agreement to develop a 600MW wind farm in Texas, the largest Chinese investment in U.S. renewable energy.

The U.S. Renewable Energy Group (US-REG) and Cielo Wind Power LP said that they will work with China's Shenyang Power Group (SPG) on the project, which was expected to cost 1.5 billion U.S. dollars.

"US-REG, SPG, and Cielo Wind Power LP are combining investment, expertise, and resources to bring clean, reliable, and affordable renewable technologies to the marketplace," said Cappy McGarr, US-REG Managing Partner in a statement.

"This planned 1.5 billion dollar investment in wind energy will spur tremendous growth in the renewable energy sector and directly create hundreds of high-paying American jobs," he noted.

"The 600MW wind farm project, if completed according to plan, would demonstrate for the first time Chinese capital and manufacturing and engineering expertise exported to the United States -- the world's largest wind power country -- and how the two countries can share both the risks and the benefits in a huge wind power project," said Vice Mayor Yang Yazhou, who oversees all environmental protection and economic growth and development of the city of Shenyang.

"China and the U.S. of course share the common goal of bringing cost-effective and environmentally responsible renewable energy to millions of homes across the world," said Yang.

"The Chinese government is proud to be a positive force that spurs ground-breaking, broad-range and in-depth cooperation between the U.S. and China and any ensuing mutual benefits for our two great economies," he added.

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