Wind Power
According to the Global Wind Energy Council, or GWEC, a wind power industry association, the global market for wind power equipment was approximately US$29 billion in 2007 due to a 27% increase in global wind power capacity to 94 GW and China’s wind power capacity grew by 3,449 MW, or 156% to over 6,000 MW and now ranks fifth in installed wind energy capacity with over 6,000 MW at the end of 2007. According to China’s Renewable Energy Development Medium and Long-term Plan, China total installed capacity of wind power generators is planned to reach 5 GW by 2010 and 40 GW by 2020. Recently promulgated Renewable Energy Development Eleven-Fifth Plan increases 5 GW to 10 GW by 2010. Inner Mongolia, including the Durbert Mongolia Autonomous County, where the equipment Hanwei is producing will be installed, is forecasted to host 10,000 MW of China's wind capacity by 2020.
Fiberglass composites, including FRP products, are commonly used to produce wind power blades because of their weight and strength characteristics.
Hanwei has an agreement with Daqing Deta Electric Co. Ltd., (a private PRC company) (Deta) to manufacture approximately RMB 200 million (C$28.1 million) worth of wind power products, including turbines, blades and towers, and an expression of intent for the placing of additional orders with Hanwei for wind power products in the amount of RMB 600 million (C$84.4 million) in 2008 and RMB 900 million (C$126.6 million) in 2009, subject to satisfactory completion by Hanwei of the 2007 order.
