Windey Energy increases the size of its Cangnan No. 6 offshore wind project to 300 MW
Windey Energy Technology Group has given the green light to the investment for the Cangnan No. 6 offshore wind project off the coast of Zhejiang Province, China. The facility will have a capacity of 300 MW and will require an estimated investment of 3.07 billion yuan , approximately $457 million.
Furthermore, the project has increased in size compared to previous plans; its initially approved capacity was 210 MW , but additional regulatory approval allowed it to be increased to 300 MW . This change also led the company to adjust the planned investment for its development.
Windey Energy will allocate $457 million to the project
Specifically, the offshore wind farm will be located off the coast of Cangnan County, in the city of Wenzhou. This location is part of the coastal province of Zhejiang, where Windey Energy plans to deploy both the generating equipment and the necessary infrastructure to transport and manage the electricity produced.
Windey Energy board of directors approved the investment on August 26. The transaction does not require shareholder approval.
Furthermore, according to information provided by the company, the investment does not constitute a related-party transaction nor does it involve a substantial restructuring of its assets.
Cangnan No. 6 includes 20 wind turbines of 15 MW each
In terms of its configuration, the offshore wind project plans to install 20 wind turbines with an individual capacity of 15 MW. Together, these units would allow the project to reach the 300 MW planned for Cangnan No. 6 .
However, the configuration may still undergo modifications; Windey Energy notes that both the final number of wind turbines and the model to be used will depend on the implementation of the project.
The development also includes a new 220 kV marine substation ; this facility will be part of the electrical infrastructure associated with the park and will be accompanied by a centralized control center located on land.
In this way, Cangnan No. 6 combines the installation of the wind turbines with the necessary infrastructure to manage the electricity generation of the complex.
Wenzhou Yunxin Wind Power will develop the offshore wind farm
On the other hand, Windey Energy plans to execute the project through Wenzhou Yunxin Wind Power , a subsidiary under its control.
This structure will allow the subsidiary to handle the development of the offshore wind farm while Windey Energy maintains control over the project.
The expansion from 210 MW to 300 MW also represents an increase of 90 MW compared to the capacity that had previously received approval. This equates to an increase of approximately 43% over the previous 210 MW.
How will Windey Energy finance the project?
Regarding financing, Windey Energy will use a combination of its own resources and debt from financial institutions.
Approximately 20% of the planned 3.07 billion yuan will be financed through equity contributions. Based on the announced investment, this portion represents roughly 614 million yuan.
Meanwhile, the remaining 80% will come from loans granted by financial institutions. That proportion amounts to approximately 2.456 billion yuan of the total planned budget.
Therefore, debt will have a considerable weight in the financial structure used to launch the offshore wind energy project.
Windey Energy points out the risks facing the project
Finally, the approval of the investment does not eliminate the variables that could condition the development of Cangnan No. 6 .
Windey Energy warns that macroeconomic conditions , sector policies, and market developments could impact the project. The progress of the construction itself also plays a role.
As a result, both the implementation schedule and the expected profitability could vary during the development of the offshore wind farm.
With the current plans, Cangnan No. 6 will reach a capacity of 300 MW through a planned configuration of 20 wind turbines of 15 MW each. Implementation will now depend on the project's development and the conditions surrounding its construction.
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