Dallas, Texas-based Tang Energy Group said on Friday a Chinese company will provide $300 million to finance some of its wind projects.
Tang signed an agreement with CATIC International Trade and Economic Development Ltd. for $300 million in financing, marking the first time a Chinese company has invested in U.S. wind projects.
Through its subsidiary Soaring Wind Energy, Tang reportedly is considering wind farm projects in a number of states, including Illinois, Texas, Colorado, Iowa, Virginia and Massachusetts.
"Agreements like this are an example of how Chinese and Americans can work together to build the clean energy production industry and together spur growth in the global economy," says E. Patrick Jenevein III, president of Tang Energy.
CATIC International Trade and Economic Development Ltd. is a subsidiary of the China Aviation Industry Corp., a state-owned industrial group.
According to a Reuters report, Jenevein said the turbines financed by the agreement will be built of materials that are at least 40% U.S.-made. The towers and blades are likely to be U.S.-made, while the cells of the turbine are likely to be made in China.