Windey Energy Technology Group has approved investment in the 300 MW Cangnan No. 6 offshore wind project in China's Zhejiang Province, with total investment set at $457 million (3.07 billion yuan).
The project's approved capacity has been increased from 210 MW to 300 MW following additional regulatory approval, prompting an adjustment to its total investment.
Located off Cangnan County in Wenzhou City, the project is expected to comprise 20 15 MW wind turbines, a new 220-kV offshore substation and an onshore centralized control center. The final number and model of turbines will depend on project implementation.
Windey Energy plans to develop the project through its controlled subsidiary Wenzhou Yunxin Wind Power, the company said.
Around 20% of the project's investment will be funded through equity contributions, with the remainder financed through loans from financial institutions.
Windey Energy's board approved the investment on August 26. The investment does not require shareholder approval and does not constitute a related-party transaction or material asset restructuring.
The company cautioned that macroeconomic conditions, industry policies, market conditions and construction progress could affect the project's schedule and expected returns.