Tang Energy locks down $300M for wind farms

Dallas, Texas-based Tang Energy Group said it secured $300 million in project financing for a proposed wind farm that could span six U.S. states with a capacity to generate between 200 and 250 megawatts of energy.

The funding promise came from a subsidiary of state-owned China Aviation Industry, CATIC International Trade and Economic Development. The deal represents the first time the Chinese government has invested in a U.S. wind farm.

Tang plans to develop the wind farms through its subsidiary Soaring Wind Energy by the end of 2010. Sites under consideration are located in Colorado, Illinois, Iowa, Massachusetts, Texas and Virginia.

Another Tang subsidiary, HT Blade in the Hebei Province of China, could supply some turbine blades. The wind farms' nacelles are expected to be made in China, but at least 40 percent of the materials are to be made in the U.S.

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