March 11, 2010

China Offshores Wind Turbine Jobs to Nevada

Anti-China blowhard Senator (D-NY) Chuck Schumer's gambit may have paid off for Nevada. Schumer was close to derailing a giant wind farm in Texas planned by US Renewable Energy Group (US REG) and A-Power Energy Generation of China by thwarting currently available federal subsidies (tax credits) because the wind turbines would be manufactured at A-Power's plant in Shenyang, Liaoning Province. Today US Reg announced the joint venture will build a manufacturing plant in Nevada potentially employing 1,000 Americans to build and assemble the wind turbines. The location and details of the plant are not revealed at this time. A-Power shares (NASDAQ:APWR) are up over 8% today. US-REG is a private equity venture.

Schumer's opposition to the original deal was purely political grandstanding in an election year. Fact is American multinational GE will supply the massive gearboxes to A-Power and eventually build a manufacturing center to supply not only A-Power but China and all of Asia. A-Power's wind turbines are built under license from Fhurlander AG of Germany, a leader in wind energy technology. The Texas wind farm demonstrates the benefits and complexity of globalization. You can read my post on the original deal here....

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