China Wind Power starts trading on TSXV

Canadian-incorporated China Wind Power (TSXV:CNW) said its shares are expected start trading on the Toronto Stock Exchange-Venture Exchange today.

The company is trading as a tier 1 issuer under the ticker symbol "CNW,” as one of many recent cleantech companies turning to the Canadian exchange as an exit opportunity (see IPO drought? Cleantech companies flood Canadian markets).

China Wind Power said the move is expected to better position it to capitalize on the anticipated growth of China’s wind power sector (see China drives global market, supply for wind). The company holds exclusive rights to develop wind farms in Du Mon County, located China’s northeastern Heilongjiang province.

Yesterday, the company also announced a private placement of $27.3 million in gross process and a merger with Grand Cayman-based holding company Berkshire Griffin, retaining the China Wind Power name. The transactions are part of a reverse-takeover with Berkshire.

China Wind Power said it plans to apply the financing’s net proceeds to continue construction of its first two wind farms, representing an aggregate capacity of 98.5 MW.

Before completing the financing and amalgamation, China Wind Power went through a reorganization, acquiring a 100 percent interest in Daqing Longjiang Wind Power Technology, which has contractual arrangements for wind farm development in Heilongjiang province.

According to a 2008 report from Global Wind Energy Council and Greenpeace International, China is expected to surpass Germany as the leading wind-energy country by the end of 2009.

China added 3.3 GW in 2007, representing growth of 145 percent over 2006. China now has the largest wind turbine manufacturing industry in the world, with leading producers such as Goldwind, Sinovel Wind, Dongfang, Windey and Sewind.

China Wind Power is not to be confused with Wuxi, China-based China Wind Systems (OTC:CWSI), which has been trading up on recent customer deals (see GE behind China Wind's latest $14M contract).