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CN - CleanTech Innovations inks supply contracts with China Huaneng

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China Knowledge reported that CleanTech Innovations Inc which principally manufactures wind towers, metal expansion joints and pressure vessels, has signed two supply contracts worth a total of USD 11 million or CNY 72.73 million with China Huaneng Group, China top power producer.

Pursuant to the contract, the NASDAQ listed firm will supply wind towers to China Huaneng Group this year.

Mr Lv Bei chairman and CEO of the supplier said the two contracts represent around 50% of the firm's total revenue in 2010.

According to the website of CleanTech Innovations, which supplies wind turbine towers to the top five utility companies in the country China wind generating capacity is expected to increase from the current 26 GW to 300 GW by 2020.

China Huaneng Group, a long-term client of CleanTech Innovations, is the parent company of Huaneng Power International Inc. Last year, China Huaneng Group earned USD 35 billion in profit and had total assets of USD 99 billion as of Dec 31 2010.


Source: China Knowledge

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