The new joint venture (JV) company, to be known as Tong Liao Wind Energy Production has plans for a phased development of wind farms having a total installed capacity of 1,000MW once the project is fully completed. The installed capacity in the first phase will be 49.5MW and will include an anticipated 33 turbines of 1.5MW capacity each.
Two sites have been exclusively assigned to the JV company by the Inner Mongolia Development and Reform Commission. The total investment for the full build-out of the 1,000MW capacity is anticipated to be $1 billion.
Under the terms of the JV agreement, Global 8 holds an 85% ownership of the new company and China Tong Liao Baolong New Energy (CTB) will receive 15% in return for the work already done and for its continued involvement to get approvals and high power sales rates. The term of the joint venture is 50 years, with scope for extension.
