Wednesday, December 3, 2008

Econcern to lead $1 bln China wind farm investment

LONDON, Dec 2 (Reuters) - Clean energy company Econcern will partner with China National Offshore Oil Corp and Sinohydro to invest 863 million euros ($1.09 billion) to build four Chinese wind farms, the companies said on Tuesday.

Construction of the wind farms, which will generate around 720 megawatts (MW) of renewable energy, will begin in 2009, Netherlands-based Econcern said in a statement.

As atmospheric greenhouse gas levels from burning fossil fuels rise, increasing the threat of potentially devastating climate change, more companies are looking to invest in renewable sources of energy like wind and solar.

'Traditional energy suppliers focus on conventional models and solutions, but this is no longer sustainable in any sense,' Econcern Chairman Ad van Wijk said. 'Sustainable energy is the only long term viable option.'

Last month, BP Alternative Energy, a unit of oil group BP Plc, pulled out of a partnership in a 148.5 MW Chinese wind farm project, saying it had decided to suspend its wind power business in Asia.

Econcern's announcement comes on the sidelines of UN-sponsored climate talks in Poznan, Poland where governments are working towards a new treaty to fight climate change.

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