China Longyuan Power Group Corporation Limited, China’s largest wind power producer, has completed the issuance of CNY 2 billion (EUR 279 million) of ultra short-term debentures with a term of 270 days.
China Longyuan will use the proceeds raised from the debentures for replenishment of working capital and replacement of matured bank loans so as to adjust the debt structure of the company, reduce financing cost and enhance competitiveness.
Back in January, China Longyuan’s 400 MW Longyuan Putian Nanri Island offshore wind farm started producing power after the first four of one hundred Siemens SWT-4.0-130 turbines were connected to the grid.
The construction of the wind farm is expected to cost around CNY 8.2 billion. The wind farm is expected to be completed in 2018, and have the capacity to produce 1.4 billion kilowatt hours of electricity annually.