Issue 32 – October 20, 2010
The Shandong Business Wire is the premier source for English language news in Shandong Province. It is published three times per week on Mondays, Wednesdays and Fridays.
Sinovel’s First 5-Megawatt Wind Turbine Debuts
With the development of China’s wind energy industry — especially the launch of offshore wind farm projects — the production capacity of turbines is becoming a key issue, with the national standard leaning in the direction of turbines producing three megawatts of energy or more.
Sinovel Wind Group, the largest wind turbine manufacturer in China, officially announced on Oct.13 that they have completed production of an independently developed 5-megawatt wind turbine, a first for China, and are engaged in research and development of a 6-megawatt wind power generator, production of which is slated to begin in the first half of 2011.
The cumulative installation of China’s wind power industry is expected to surpass that of the United States by year-end, according to the Global Wind Energy Council, and the sector is headed for further growth. China’s offshore wind power sector has more exploitable resources than the inland sector, and several provinces, including Shandong, are planning too install 32,800 megawatts of offshore wind power capacity by year-end. Full story
Thin-Film Solar Cell Plant to Open in Shandong Province
NexPower, a solar energy producer and subsidiary of United Microelectronics Corporation (NYSE:UMC), has indicated that it expects to open a manufacturing plant in Shandong Province for thin-film solar cells in the second-quarter of 2011.
It is expected to have initial capacity of 35 MWp with the potential to expand to 70MWp. Earlier this month, a UMC-invested grid-connection solar farm in Jining officially went online. The solar farm, which adopted amorphous silicon and microcrystalline silicon cells from NexPower, has an installed capacity of 17.2MWp and is capable of providing electricity to 4,500-5,000 households. The company claims that the solar farm is Asia’s largest thin-film solar system. Full story
Bank of Montreal (China) Opens for Business
BMO Financial Group – Canada’s first bank – today celebrated the official opening of its incorporated subsidiary, Bank of Montreal (China) Co. Ltd. at a ribbon-cutting ceremony held at BMO’s headquarters in Beijing. The ceremony was witnessed by the Honourable Chuck Strahl, Canada’s Minister of Transport, Infrastructure and Communities.
“Canadians recognize that China’s stunning economic growth offers opportunities for increased trade in goods and services that creates jobs and builds cooperation on both sides of the Pacific,” said Minister Strahl.
“The new company gives us a clear advantage in growing our existing businesses and branch network, and capitalizing on the tremendous growth potential in China,” said Albert Yu, President & Chief Executive Officer, BMO ChinaCo, and a director of the new company. ”With local incorporation in China, BMO joins a small number of foreign banks in providing a full suite of financial services to its customers.” Full story
Shandong Introduces Electric-Bike Subsidy
Shandong province is the latest of 10 Chinese provinces to provide a subsidy on rural electric bicycle purchases, and it was just the incentive Song Yingxue, a farmer in Shandong, needed to buy a RMB 2,410 (US$361) “luxury” e-bike.
With the subsidy, which Shandong put into effect this week, rural consumers like Song can get a 13-percent discount on e-bikes. China’s State Council designated 10 pilot provinces in central and eastern China in April to promote electric bikes in the countryside by providing a subsidy to rural consumers. The program will run until February 2013.
“Farmers who used to favor motorcycles now turn to e-bikes, because fuel prices have kept rising,” said Tian Shuchang, sales manager of Shandong-based Xinri Electric Bicycle Company. He said that the company predicted a 50-percent increase in sales in the rural township market due to the subsidy. Full story
