Chongqing Machinery & Electric (02722) said it has approved the offshore windpower blade industrialization project of its indirect subsidiary, Chongtong Group Chengfei (Da'an) Windpower Equipment Co., Ltd., to establish a new factory in Rudong, Jiangsu.
The purpose of the project is to develop offshore windpower business to satisfy the needs of nearby ancillary facilities for business development of CSIC (Chongqing) Haizhuang Windpower Equipment Co., Ltd. in Rudong, Jiangsu.
The total investment for the project is Rmb321.8 million of which RmbB221.8 million will be fixed asset investment and Rmb100 million will be working capital. Chongqing M&E is expected to contribute Rmb100 million and Chongtong Group is expected to contribute Rmb21.8 million. The remaining Rmb200 million is expected to be provided by debt financing.
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