Three Chinese companies have signed an agreement to invest in a 300MW wind farm off the coast of Chinese province Hebei.
China Suntien Green Energy Corporation Limited, HECIC and JEI will invest in Laoting Wind Energy, a wholly-owned subsidiary of China Suntien Green Energy which is developing the Puti Island Offshore Wind Power Farm project.
The offshore wind farm is the first approved offshore wind power demonstration project in the province.
Under the agreement, China Suntien Green Energy will contribute RMB 475 million (approx. EUR 65 million), HECIC RMB 40 million (approx. EUR 5.5 million) and JEI will invest RMB 500 million (approx. EUR 69 million). The companies will pay out their respective sums in phases until the end of 2018, throughout the construction of the offshore wind farm.
After all funds are invested in Laoting Wind Energy, China Suntien Green Energy, HECIC and JEI will hold approximately 51.4%, 3.6% and 45% equity interests in the project company, respectively.