Chinese wind giant Goldwind bets on green fuels with $2.7bn Inner Mongolia project

排行榜 2025年09月13日 01:38 4 admin

by MA Yueran

Chinese wind giant Goldwind bets on green fuels with .7bn Inner Mongolia project

Goldwind Technology (002202.SZ), China's largest wind turbine maker, plans to invest 18.9 billion yuan (about US.7bn) in a green hydrogen, ammonia and methanol complex in Bayannur, Inner Mongolia, the company announced on Sept. 10.

The project will install 3 gigawatts of wind power, with more than 80% of the electricity used to produce hydrogen through electrolysis. The hydrogen will be combined with biomass gasification to generate 600,000 tons of green methanol and 400,000 tons of green ammonia annually. The project will be financed through company funds and bank loans and remains subject to government approval and filing.

Local authorities have pledged preferential policies, assistance with grid access, and help in securing carbon sources and sales channels. Goldwind said the move will broaden its business portfolio and capitalize on Bayannur's rich renewable and biomass resources.

Goldwind's balance sheet shows 161.6 billion yuan（about US$23bn）in total assets, including 71.7 billion yuan in current assets and 9.6 billion yuan in cash, with a 73% debt ratio - figures that suggest limited liquidity for such a large investment. The company did not respond to Jiemian News inquiries on the plan.

Hydrogen-ammonia-methanol projects, which link hydrogen with downstream fuels, are gaining traction in China as part of the country's carbon reduction goals. Goldwind has ranked first in new wind installations in China for 14 straight years and led the world in annual additions for the past three years and has been diversifying into "wind-plus" ventures such as hydrogen, storage and carbon solutions as turbine competition intensifies.

In the first half of 2025, Goldwind reported 41% revenue growth to 28.5 billion yuan (about US$4bn）, while net profit rose 7% to 1.49 billion yuan, outperforming many peers though margins remain under pressure after years of price wars.

Other Chinese renewables groups are also betting on green fuels. Envision Group launched the first phase of what it calls the world's largest off-grid hydrogen-ammonia project in Chifeng, Inner Mongolia, with a planned capacity of 1.52 million tons. Mingyang Smart Energy is advancing integrated "wind-solar-hydrogen-fuel" ventures, while Windey (300772.SZ) pledged more than 20 billion yuan (about US$2.8bn) last year for methanol and hydrogen plants in Jilin. In October 2024, Beijing issued guidelines encouraging integrated wind, solar, hydrogen, ammonia and methanol bases, adding policy momentum to the sector. Public records show at least 13 Chinese projects worth over 10 billion yuan each have been signed or filed since early 2024.

Still, high costs remain a hurdle. The China Hydrogen Alliance estimates green ammonia at about 4,200 yuan per ton, with hydrogen accounting for 86% of the cost - well above conventional gray ammonia. Storage, transport and the intermittency of renewable power add further obstacles to large-scale deployment.