GreenHunter Energy in China wind project

Grapevine, Texas-based GreenHunter Energy (Amex: GRH) announced today that it would develop its first wind energy project in China, with the potential to generate up to 300 megawatts of power at a site south of Shanghai.

GreenHunter said it would be working on the project with Garden Grove, Calif.-based energy developer Chem-Energy and Zhongshan, China's MingYang Wind Power Technologies, a wind turbine manufacturer, but did not disclose the financial terms of the deal.

"This initial wind energy development project outside of the U.S. is an example of our global strategy of diversifying our operations not only within the renewable power and fuels industry, but also geographically," said Stephen Wiley, Sr. VP and development manager of GreenHunter Wind Energy, a subsidiary of GreenHunter Energy.

Wiley said GreenHunter plans to initiate the first phase of the project and be operational by late 2009 or early 2010.

GreenHunter said its wind energy unit would manage and control approximately 70 percent of the ownership equity of the project.

The company said it is developing wind power projects in Montana, New Mexico, California, Texas and now China, and has an exclusive five year contract with MingYang for 1,000 MW of turbines.

In 2008 to 2009, GreenHunter said it plans to purchase up to 108 MW of turbine capacity for new projects in the U.S.

The company said it already has 72 1.5 MW turbines on order and expects to receive 27 of those by the end of this year. GreenHunter said it hopes to import as many as 200 turbines from MingYang over the next several years.

GreenHunter said MingYang is currently the only Chinese company permitted to export turbines to the U.S.