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Goldwind Devising Fresh Wind Projects to Benefit from Australia’s 2020 Target

australia wind energy 300x168 Goldwind Devising Fresh Wind Projects to Benefit from Australia’s 2020 TargetChina’s biggest manufacturer of wind-turbines, Xinjiang Goldwind Science & Technology Co. (002202), is reviewing fresh projects to benefit from Australia’s renewable energy target for 2020.

Australia is looking to put up wind power of an astonishing 8,000 megawatts by decade’s end, and in the words of the managing director of Goldwind’s local unit, John Titchen, they are “looking to be a serious participant”. He said in a Sydney interview on December 14, “We see a range of project opportunities.”

As Australia is looking to increase its power obtained from renewable energy to up to 20 percent by 2020, Goldwind is one of the wind-power companies planning on expand there. As electricity retailers in Australia are obliged to purchase renewable energy certificates from the producers of solar and wind power in Australia, this is incentive for project developers.

After entering Australia in 2009, Goldwind (2208) began construction of the Gullen Range wind farm’s 165.5 megawatt facility in the state of New South Wales. This is only the second time Goldwind’s turbines have been used in Australia. Titchen reported that it is planned that Gullen Range start operation early 2014.

Tichen said the focus will progressively be on New South Wales and Victoria for Australia’s wind developers, though he did not specifically mention any projects under consideration. Goldwind, based in Urumqi, Xinjiang, also reported the sale of its wind farm in Victoria State, Morton’s Lane to China Guangdong Nuclear Wind Energy Co.

Data from Bloomberg New Energy Finance states that the largest suppliers of wind turbines in Australia are Suzlon Energy Ltd. (SUEL) and Vestas Wind Systems A/S, limiting Goldwind to only the smallest share for the total of nine wind turbine companies.

Although an excess of certificates for renewable energy has reduced prices, thus making investing in new wind farms unfavourable, according to Goldwind’s Titchen demand will increase.

The Climate Change Authority is set to publish the final report on its review of Australia’s renewable energy policy come December 19. In October’s initial assessment, the government adviser stated that the aim of using renewable sources to produce 41,000 gigawatt hours of electricity by 2020 had to be maintained in its present form to increase investor confidence.

“There were some difficult times in the market in recent years, but we’re now coming out of that oversupply,” Titchen stated. “The report on the government’s policy also shows the CCA’s view that the market is working and that the rules should be left alone so we can get on with the job.”

While their stock fell by 25 percent throughout the year in Hong Kong, Goldwind also has to deal with competition from foreign companies such as Denmark’s Vestas and local companies as well. However, the Chinese company reported in October that it anticipates a decrease of earnings by 50 percent this year, to compensate for lower prices due to increased competition.


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