A Chinese wind energy company has set its sights on the Heart of Texas with a recent acquisition and development plan that will create its largest wind farm in the country. Residents of the Brady area can expect to see the number of turbines double in the years ahead as the Lone Star State leads the nation in domestic and foreign investment in wind power.
Goldwind Americas, a subsidiary of Xinjiang Goldwind Science & Technology Co., Ltd. (Shenzen: 002202, Hong Kong Limited: 2208) announced this week its plans to expand upon the existing Rattlesnake Wind Project consisting of 64 turbines in McCulloch County, 125 miles northwest of Austin. The company intends to build out the plant, eventually doubling its output to 300 megawatts.
“This investment in the Rattlesnake Wind Project highlights our long-term commitment to the U.S. wind market,” David Halligan, Chief Executive Officer of Goldwind Americas noted, adding that the move is a “first step” of a five year move to take advantage of a federal production tax credit available.
The Chinese firm gained access to the central Texas farm after signing an acquisition agreement with Renewable Energy Systems Americas Inc., a subsidiary of its UK-based parent. The effort, billed as a “partnership” between the two foreign entities, plans to create the largest farm in Goldwind’s North American portfolio. The Chinese should have no issue with scaling, as Goldwind was found to be the largest wind turbine supplier in the world, according to a 2015 industry study.
Wind energy is not the only source in Texas that has caught the eye of Chinese investors, however. In October 2015, Yantai Xinchao Industry Co. (Shanghai: 60077:CH) purchased an investment firm that had recently acquired Tall City Exploration LLC and Plymouth Petroleum LLC for 8.3 billion yuan ($1.3 billion), according to The Wall Street Journal. The oil assets in question are located in Howard and Borden Counties that before the 2014 bust, yielded record amounts of crude due to fracking. The report notes that Permian Basin wells are some of the most valuable – offering an average 30 percent annual return – a solid long-term investment as some indicators point to a market recovery.
A previous Breitbart Texas report notes that the “wind rush” currently seen across Texas shows no signs of slowing in the near future. Over the past 10 years, $32.7 billion in capital investment has been showered throughout the state, particularly in its western region. The state’s infrastructure is capable of producing 10,000 megawatts at present. Nationwide, the industry claims to support 88,000 jobs. The American Wind Energy Association (AWEA) estimates that 380,000 “well-paying” jobs should exist in the market by 2030.
Logan Churchwell is a founding member of the Breitbart Texas team. You can follow him on Twitter @LCChurchwell.
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