Private U.S. company Tang Energy Group said on Friday a Chinese company has agreed to provide $300 million in financing for its wind power projects.
It's very helpful for us in this time of tight credit, said Patrick Jenevein, president of Tang. He said the financing was a huge boost that would help the company build some 200 to 250 megawatts of wind power capacity, enough to power about 75,000 homes with electricity.
The CATIC International Trade and Economic Development Ltd, a subsidiary of the state-owned industrial group the China Aviation Industry Corp, agreed to provide the financing to Dallas-based Tang.
Jenevein said the turbines financed by the agreement will be built of materials that are at least 40 percent U.S.-made. The towers and blades are likely to be U.S.-made while the cells of the turbine are likely to be made in China.
Over the past several years, Chinese investment companies have been minority investors in such U.S. power projects such as natural gas-fired power plants and transmission lines.
Tang is considering wind farm projects in Illinois, Texas, Colorado, Iowa, Virginia and Massachusetts.
(Reporting by Timothy Gardner; Editing by David Gregorio)