Tang Energy Group, a privately held company based in Dallas, has signed an agreement with CATIC International Trade and Economic Development Ltd. for $300 million in financing, marking the first time a Chinese company has invested in U.S. wind projects.
With the $300 million investment, the company is considering wind farm projects in a number of states, including Illinois, Texas, Colorado, Iowa, Virginia and Massachusetts. Tang, which has initiated clean energy ventures in China since 1996, develops wind farms in North America through its subsidiary, Soaring Wind Energy.
‘Agreements like this are an example of how Chinese and Americans can work together to build the clean energy production industry and together spur growth in the global economy,’ says E. Patrick Jenevein III, president of Tang Energy.
CATIC International Trade and Economic Development Ltd. is a subsidiary of the China Aviation Industry Corp., a state-owned industrial group that reports directly to the government.
SOURCE: Tang Energy