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Xinjiang Goldwind Science & Technology Co., which plans to raise more than $1 billion selling shares in Hong Kong, said it aims to rank among the world’s three largest makers of wind turbines within five years.

Goldwind, the fifth-largest manufacturer globally, plans to increase production in the coming years, Chief Executive Officer Wu Gang told a media briefing in Hong Kong yesterday, declining to give details.

Goldwind may raise about HK$8 billion ($1 billion) after expenses have been deducted, in a public share sale in Hong Kong this month, it said yesterday in a statement. The company will use the cash to expand production capacity as the Chinese government encourages the use of wind power to help reduce the country’s reliance on more polluting coal and oil.

Goldwind will spend about 40 percent of the share-sale proceeds on building plants, 24 percent to expand overseas, 15 percent for design and development, 11 percent to pay loans and 10 percent as working capital, the statement said.

Turbine sales at the Urumqi-based company reached more than 2 gigawatts last year compared with 1.37 gigawatts in 2008, according to a share-sale prospectus.

Goldwind will likely increase consolidated profit by at least 26 percent to 2.2 billion yuan ($322 million) this year, the prospectus showed. Revenue totaled 10.7 billion yuan last year, with 99 percent of sales coming in China. About 144 million yuan of revenue came from overseas.

Expansion Abroad

The company has a wind-farm project in the U.S. and is looking at setting up others, according to the prospectus. It also has a production base at subsidiary Vensys AG in Germany. Goldwind wants to increase sales in the U.S. and Europe, Wu told the briefing.

The company has completed prototypes for 2.5-megawatt and 3-megawatt turbines and is developing a 5-megawatt model, according to the prospectus.

China wants to install 150 gigawatts of wind power by 2020, compared with 25.5 gigawatts installed as of last year, Bloomberg New Energy Finance said in a May report.

The turbine producer, already listed on the Shenzhen Stock Exchange, is offering 395.3 million new shares, equivalent to a 15 percent stake, at HK$19.80 to HK$23 each, according to yesterday’s statement.

Shares Gain

The shares gained 19 percent in Shenzhen this year compared with a 14 percent decline by the benchmark Shenzhen Composite Index.

Hong Kong’s Hang Seng Index has slid 11 percent since April 9 as the debt crisis in Europe reduced investors’ willingness to take risk, leading at least three companies to abandon Hong Kong initial public offerings.

They include Swire Properties Ltd., which scrapped a plan to sell shares in Hong Kong on May 6 as the Hang Sang posted its biggest weekly drop since November, its parent said in a statement then.

China, the world’s largest coal consumer, invested $34.5 billion in low-carbon energy technologies in 2009 compared with $18.6 billion for the U.S., according to Bloomberg New Energy Finance.

--Editors: Jim McDonald, Richard Dobson.

To contact the reporter on this story: John Duce in Hong Kong at Jduce1@bloomberg.net

To contact the editor responsible for this story: Amit Prakash at aprakash1@bloomberg.net.

Sourced from www.businessweek.com