China's Guodian seeks opportunities in US renewables

Wells Fargo and Guodian United Power Technology has announced a strategic co-operation agreement to explore opportunities in the wind industry in the US. It is big on enthusiasm but low on detail, nevertheless the two firms have a strong track record in renewable power.

According to the general manager of the Chinese company, Dr. Liu Dongyuan, "Guodian is a premier wind energy company with a history of leading in our industry, and prospects for our company for distributing wind turbines and developing wind farms in the United States are very promising."

Wells Fargo's Technology Group has been developing expertise and industry contacts and has already invested USD1.5 billion in wind power projects and nearly the same again in other renewable energy projects. "Renewable energy is a global issue that can only be adequately addressed with international participation," said John Adams, head of Wells Fargo's Technology Group.

Since making its first project commitment in 2006, Wells Fargo has deployed more than USD2.7 billion in project capital, including approximately USD2 billion of tax equity, into more than 250 renewable energy projects in the US that account for over 4,200 megawatts of new clean energy capacity across 25 states.