Largest Wind System Provider Opens Factory In TEDA
Earlier this year, the Chinese government passed a new law aimed at promoting the use of sustainable energy, hoping to create a legal framework to utilize the country's sustainable energy capacity. The law states that consumers are to cover part of the costs from using sustainable energy, while electricity utilities are obliged to purchase supplies from sustainable sources of energy. Relevant authoritative forecasts show that installed renewables are expected to reach 120,000 MW in 2020.
Vestas' core business comprises of the development, manufacture, sale, marketing and maintenance of wind power systems, and it now accounts for a third of the global market. Since its entry to China in 1983, it has snapped up nearly 50% of the market share in relevant fields across China.
SOURCE: Tianjin Economic-Technological Development Area