TOD - China took a big leap into the U.S. renewable energy market Thursday, putting up $1.5 billion for a 36,000-acre wind farm in Texas with the power to light up 180,000 homes.
The project is a joint venture with U.S. Renewable Energy Group, a private equity firm, Austin, Texas-based Cielo Wind Power LP and Shenyang Power Group of China. The announcement Thursday shows how much China's own wind industry has burgeoned and comes two days after U.S. Energy Secretary Steven Chu told lawmakers that the U.S. was falling behind China and others in alternative energy investment.
"With a long track record for building some of the world's biggest wind farms, the U.S. is a real ideal target for foreign alternative energy investment," said Jinxiang Lu, Shenyang Power Group's chairman and chief executive.
"It seems to be gradually getting back, back on its feet," Lu said. "And more important, we are getting support from Washington."
The economic slowdown has led to the demise of some wind projects.
"A look at the top ten owners of wind farms in the U.S. shows a healthy mix of U.S. and global companies," Gramlich said in a statement.
Denmark is the biggest importer to the U.S., at 28 percent, according to the U.S. International Trade Commission. Spain, Japan, Germany and India follow.
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