(Agencies)
Updated: 2007-11-16 10:07

Goldwind Science and Technology Co, China's largest maker of wind-powered generators, has applied to launch a domestic IPO to raise 1.88 billion yuan ($253.2 million), the Shanghai Securities News said on Friday.

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The company, which says it had 2.8 percent of the world's wind-power generator market in 2006, plans to issue 50 million domestic currency A shares for listing on southern China's Shenzhen bourse, the newspaper said, citing a company document.

The IPO will account for 10 percent of the company's expanded share capital, it said.

Goldwind, which recently cancelled a plan to list in the United States, plans to use the proceeds to expand output, and finance research and development and marketing, the report said.

The Chinese government's encouragement of cleaner energy alternatives has helped Goldwind's turnover double in each of the past few years, and triple to 1.5 billion yuan in 2006.

The Shanghai Securities News said Goldwind, based in the northwestern region of Xinjiang, forecast it would generate a net profit of 601 million yuan on sales of 3.24 billion yuan in 2007.

China wants to boost renewable power output to cover around 10 percent of its needs by 2010, and aims to have 30 gigawatts of installed wind power capacity by 2020, versus just 1.26 GW in 2005.

But competition is heating up at home, with a dozen or so foreign players vying for a slice of the booming market, including global leader Vestas Wind Systems, Spain's Gamesa and India's Suzlon Energy Ltd.

A number of Chinese energy players have sold shares in the United States, including solar cell makers Yingli Green Energy Co Ltd and LDK Solar Hi-Tech Co.