Longyuan Power Purchases Canadian Wind Power Company

According to CATV. Net, China Longyuan Power Group Corp (Longyuan Power), one of the biggest energy companies in China, purchased the stock of Canada Melancholy Electric Company on July 13. Longyuan Power became the first state-owned power generation enterprise to invest in a new energy project abroad.

The total installed capacity is 100MW. “Canada is rich with wind power. Moreover, the country has a good basic industrial foundation and attractive policy support,” said Xie Changjun, general manager of Longyuan Power. A report by BTM, a Danish company, shows that by the end of 2011, the total installed capacity of wind power in China was 40GW, second only to the United States. Canada plans to increase wind power capacity to 120GW in 2016.

“We spent more than 10 times time market value on this project,” said Xie, “We began to talk to the companies, governments and some consulting companies since November of 2010.” This is another big move for Longyuan Power after going public in December of 2009.

Source: Sohu