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Leading Chinese wind turbine manufacturer has announced a plan to invest 18.9 billion yuan (approximately $2.7 billion) in developing a green chemical production hub in Inner Mongolia Autonomous Region. This initiative will encompass a wind farm situated in an area abundant in wind and biomass resources.
The company signed an agreement with the local government of Bayannur to progressively establish the green chemical facilities within the city. The electricity generated by the wind farm will mainly support the production of green hydrogen, methanol, and ammonia.
The wind farm is planned to have a capacity of 3 gigawatts, with over 80% of the generated power designated for the chemical production plant. Once fully operational, the project aims to produce up to 600,000 tons of green methanol annually and more than 400,000 tons of green synthetic ammonia.
Green hydrogen produced on-site will serve as a key raw material in manufacturing methanol and ammonia, while locally sourced biomass syngas will also be utilized for methanol production.
This development capitalizes on the region’s rich wind, solar, and biomass resources, integrating these with advanced technological innovations to create a comprehensive wind power and green chemical solution.
Funding will be sourced from the company’s own capital and bank loans. The total investment significantly exceeds the company’s net profit for the first half of this year—by more than 12 times—though the company reported having 9.6 billion yuan (around $1.3 billion) in cash as of June 30.
In the first half of the year, net profit increased by 7.3% to 1.5 billion yuan, while operating revenue soared by 41% to 28.5 billion yuan.
Shares of the company rose 2.4% to 12.45 yuan (about $1.75) during midday trading in Shenzhen, after earlier jumping as much as 4%.
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