Chinese Wind-Turbine Maker Furthers Global Expansion With India Deals

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A Sany Renewable Energy wind turbine. Photo: Sany

Sany Renewable Energy Co. Ltd. (688349.SH) has won contracts to supply 1.6 gigawatts of wind turbines to two clients in India, marking the Chinese wind power giant’s latest move in its global expansion as demand looks likely to cool at home.

Under the agreements, Sany Renewable Energy’s Indian subsidiary will sell turbines with a total generating capacity of 1,324 megawatts to three units of Indian conglomerate JSW Group, according to an exchange filing dated Oct. 28. It will also sell 300 megawatts of turbines to an Indian unit of Singaporean energy giant Sembcorp Industries Ltd.

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Sany Renewable Energy Co. Ltd. secured contracts to supply 1.6 GW of wind turbines to India, marking a significant overseas expansion effort.
The company is expanding globally, with a focus on higher profit margins than domestic deals and plans to localize manufacturing, including a plant in Kazakhstan.
The company reported a 17.6% rise in net profit in Q3 2023 and sees long-term growth potential in emerging markets, aiming for substantial revenue from international markets.

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Who’s Who

Sany Renewable Energy: Sany Renewable Energy Co. Ltd., a unit of Sany Group, secured contracts to supply 1.6 gigawatts of wind turbines in India, marking a significant move in its global expansion amid cooling domestic demand. The Indian deals involve JSW Group and Sembcorp Industries. Sany is also focusing on local manufacturing in Europe and Central Asia. In the past year, overseas revenue was 2.1% of total earnings, with anticipation of significant future growth in international markets.

JSW Group: JSW Group is an Indian conglomerate that has entered into agreements to purchase wind turbines with a total generating capacity of 1,324 megawatts from Sany Renewable Energy's Indian subsidiary. These agreements involve three units of the JSW Group and form part of Sany Renewable's efforts to expand its global market presence.

Sembcorp Industries: Sembcorp Industries Ltd. is a Singaporean energy giant. An Indian unit of Sembcorp has arranged to purchase 300 megawatts of wind turbines from Sany Renewable Energy's Indian subsidiary, marking part of Sany's global expansion efforts.

Goldwind Science & Technology: Goldwind Science & Technology Co. Ltd., China's largest wind-turbine maker, has established its first overseas wind power equipment manufacturing base in Brazil. In addition, Goldwind announced a deal to supply wind turbines to an Italian project set to begin operations in the second half of 2025, reflecting its focus on global expansion alongside other Chinese wind power companies.

Ming Yang Smart Energy Group: Ming Yang Smart Energy Group Ltd. signed an agreement in October with the Senai Innovation Institute for Renewable Energies to collaborate on offshore wind projects in Brazil's Rio Grande do Norte state. The move is part of Chinese wind power companies' broader efforts to expand globally as domestic demand stabilizes.

Sany Group: Sany Group Co. Ltd. is a Chinese engineering machinery major and the parent company of Sany Renewable Energy. Sany Renewable Energy recently reported a 17.6% year-on-year rise in net profit for the third quarter, with revenue growth of 6%. The company is focusing on global expansion and localizing manufacturing to capture international market share, with emerging overseas markets expected to significantly contribute to future revenue.

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What Happened When

August 2024：: Goldwind Science & Technology Co. Ltd. starts its first overseas wind power equipment manufacturing base in Brazil.

October 2024：: Sany Renewable Energy's Indian subsidiary signs agreements to supply wind turbines with total generating capacities of 1,324 megawatts to JSW Group and 300 megawatts to Sembcorp Industries Ltd. as per exchange filing.

October 2024：: Goldwind announces deal to supply wind turbines to an Italian project expected to start operating in the second half of 2025.

October 2024：: Ming Yang Smart Energy Group Ltd. signs an agreement with the Senai Innovation Institute for Renewable Energies for offshore wind projects in Brazil.

October 2024：: Report about Sany Renewable Energy selecting a site for a new plant in Kazakhstan.

October 31, 2024：: Sany Renewable Energy's Board Secretary Zhou Likai discusses global expansion and signing of supply agreements in Europe, Southeast Asia, and the Middle East during an earnings call.

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