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China Rules the Wind Market with 40% of Global Demand and Market Leading Companies

18 Feb, 2012 by Abhishek Shah

China continues to rule the global wind energy market generating around 40% of the global demand in 2011 with 18 GW of wind turbine installations. The dominance of the Chinese is underlined from the fact that they installed 3 times more wind energy than USA which is a bigger electricity market. China also dominates in supplying wind equipment to the global market. Its companies like Sinovel, Mingyang and Goldwind are starting to win marketshare in overseas market .These companies which are trying to grow outside to escape the glut in the domestic market have won some major overseas orders.

China will continue to install massive amounts of wind energy in the coming years and its domestic companies will benefit the most .Even as the earlier dominating companies like Vestas, Gamesa and Sulzon fight to survive, Chinese wind turbine markets are thriving with 7 of the top 15 global wind energy companies from China. The other major rising power India is 3rd with 3 GW of installations in 2011 . Brazil has become one of the fastest growing markets with 1.5 GW of isntallations. With most of the European markets saturated and not growing , focus has shifted towards wind markets in Africa, Asia and South America. USA will see a strong 2012 as well but non renewal of tax breaks in 2013 might mean a sudden stop there.

The Chinese have not only captured most of the top rankings of the biggest solar panel producers in the world,they have extended their lead into Wind Energy as well.7 of the top 15 positions in Global Wind Turbine Producers are Chinese according to a new ranking.Sinovel and Goldwind have become the No.2 and No.4 rankers in the world with more than 10% global marketshare each.Dongfang is the other top Chinese wind power company with a 7% marketshare.United Power is at 10.Other top Chinese wind energy companies are Mingyang,Sewind and XEMC China.

The slowdown in the Western Markets has led to huge problems for dominant Western firms like Gamesa and Vestas.It has led to painful restructuring for Vestas which has fired thousands of workers from its domestic manufacturing base in Denmark.Gamesa has also seen management and ownership turmoil as WTG Orders have evaporated and its competitive position has eroded.GE,Suzlon,Gamesa and Vestas are all investing in the Chinese market which has grown exponentially in recent times and which is expected to form 50% of the Wind Energy Demand till the next few years.

How China will install 25 GW on average for the next 38years

China adds around 100 GW of Electric Power Capacity each year to meet the growing energy demands of its population. Most of it is thermal power which is becoming costlier besides the dangerous disadvantages of coal. China has been trying to increase its hydro and nuclear power capacity, but nuclear energy has received a setback with Fukushima. Solar Power in China is also increasing but it will take time as well to satisfy the electricity deficit. China is already the largest wind power market in the world installing almost 50% of the wind capacity in 2010.I t intends to keep up the furious pace of wind turbine installations at around 25 GW per year for the next 35 years to reach 1000 GW by 2050. China already has around 7 of the top 15 wind turbine producers. However a vicious price war has thrown a lot of the wind producers into bankruptcy.

Wind Power Market Rose to 41 Gigawatts in 2011, Led by China

The global wind power market rose 6 percent to 41 gigawatts last year, led by China, which captured more than two-fifths of the total, the Global Wind Energy Council said today in a report.

China installed 18 gigawatts of turbines in 2011, followed by the U.S. with 6.8 gigawatts and India’s 3 gigawatts. Germany, the U.K., Canada and Spain followed, according to the Brussels- based industry lobby group.

List of Earth’s Largest Wind Energy Countries – China Leads with 60 GW of Wind Electricity Capacity

16 Feb, 2012 by Abhishek Shah

Wind Energy

Wind Energy is the largest renewable energy source in the globe right now (if you don’t count in hydro and nuclear energy). The total installed wind energy capacity exceeds the solar and biomass capacity by quite a margin at over 200 GW . The recent surge in wind energy installations has been from China which put up almost 40-50% of the global wind turbine installations in 2010 and 2011. Now China has surpassed every other country to become the largest wind energy country in the world with over 60 GW. While Europe earlier led by Spain, Denamark and Germany used to lead in wind capacity, they have been comprehensively overtaken by the Middle Kingdom in the last couple of years. USA comes in next but still far below its potential while the rest of the world has started to pick up now. India is the 5th largest country and has been steadily putting up around 2-3 GW of wind capacity each year.

Solar Energy has grown tremendously in the last few years as prices have fallen drastically. At 26-27 GW it is only 40% behind wind and should overtake it in the next few years. Unlike Wind Energy, Solar Energy can be installed on roofs and the prices are falling much faster. China which has the most hydroelectric capacity in the world,leads in wind as well. It remains a matter of time before China overtakes Germany in Solar Energy as well.

Top 10 Countries Wind Electricity Capacity

China 62,733 MW
United States 46,919 MW
Germany 29,060 MW
Spain 21,674 MW.
India 16,084 MW
France 6,800 MW
Italy 6,747 MW
UK 6,540 MW
Canada 5,265 MW
Portugal 4,083 MW.

The next wave of wind energy growth is expected to come from

a) Offshore Wind Energy growth in Developed countries particularly in Europe

Offshore Wind Energy has been foretasted from around 3 GW to 75 GW by 2020 as countries in Europe,Asia and North America heavily support this industry.Onshore wind energy growth on the other hand is expected to slow down as 38 GW of Wind Capacity were installed in 2010 with Western Markets showing a sharp slowdown.Offshore Wind is seeing increasing growth as government heavily subsidize and support Offshore Wind Energy.Though the costs of offshore wind parks are much higher today,they will decrease as the installed offshore wind capacity increases from around 3 GW today to around 75 GW which is being foretasted globally by 2020.

b) Further development of Wind Energy in Developing Countries particularly South America and Asia. China intends to keep building around 25 GW of wind capacity each year to keep up with its skyrocketing energy demand growth

China adds around 100 GW of Electric Power Capacity each year to meet the growing energy demands of its population. Most of it is thermal power which is becoming costlier besides the dangerous disadvantages of coal. China has been trying to increase its hydro and nuclear power capacity, but nuclear energy has received a setback with Fukushima. Solar Power in China is also increasing but it will take time as well to satisfy the electricity deficit. China is already the largest wind power market in the world installing almost 50% of the wind capacity in 2010.I t intends to keep up the furious pace of wind turbine installations at around 25 GW per year for the next 35 years to reach 1000 GW by 2050.

Electricity Generating Capacity by Country

The world’s total electricity generating capacity is around 4500 GW (2007 figures) which is expected to increase by 1.7% each year to rise to 7000 GW by 2035 according to EIA.USA is still the world’s largest electricity producing country with more than 20% of the world’s power capacity with around 1 Terawatts of Electricity Capacity.China has been rapidly adding capacity in the last decade and the second biggest electricity producing country with more than 700 GW

USA 995 GW
China 716 GW
Japan 279 GW
Russia 221 GW
India 159 GW
Germany 140 GW
Canada 125 GW
Brazil 100 GW
South Korea 79 GW

US Coal Companies become latest Victims of Cheap Natural Gas

9 Feb, 2012 by Abhishek Shah

Coal,Gas

US Coal Companies are being forced to close coal mines and reduce production because of a massive glut of cheap natural gas and emission standards . Note Coal Disadvantages are much more than that of other fossil fuels making it the dirtiest form of energy. While India and China face massive coal shortages , USA on the other hand faces a glut . Coal has been coming under increasing attack in the West with few new thermal plants being opened and many closed due to tougher pollution standards. Note Clean Coal Technologies and CCS is being promoted to prolong the use of Coal but they are not getting much traction.

We face a 2 track world where in USA ,Energy has become cheap because of the Shale Gas Technology while it increases in Asia . While Indian Power Companies are desperately scouting for coal resources, US companies are being forced to shutter mines.

Australian,Indonesian,African Coal Mines Selling like Hot Cakes amongst Power Hungry Indian,Chinese Companies

With domestic coal production rising at a snail’s pace,these companies are racing to secure coal supplies at whatever price they can get.Steel companies too are hungry for coal as it forms a major component of their product.Lanco Solar,Adani Power,Reliance Power,Tata Power,Tata Steel,Coal India have all bought or are in the process of buying coal mines and coal companies in foreign countries.Australian and Indonesian miners are minting top dollar as competition hots up with Rio and BHP Billtion also using thier massive cash hoard into play.Australian coal mining company Whitehaven Coal is the latest to put iself on the selling block with a price tag of more than $3 billion.More than 20 companies are set to be looking into entering the tendering process.

Alpha Natural to cut coal output as demand weakens

Alpha Natural Resources said it will scale back production at many of its central Appalachian coal mines, citing weakening demand from its electric utility customers.The mining company said it will immediately idle four mines in Kentucky and West Virginia and plans to idle two more by early 2013. Other mines will alter work schedules to reduce output, cutting overall production by 4 million tons a year.

How to Play the Coal Story – Buy KOL

Market Vectors KOL ETF provides a good well diversified way to invest in Coal which is seeing a massive upsurge in demand driven by India and China.Note KOL is the only listed Coal ETF with Assets under Management (AUM) of nearly $900 million.It invests mostly in large cap companies and has a global scope.For investors looking for individual stocks here is a list of US Solar Companies and Stocks and Indian Coal Stocks.China with around 3 Billion Tons of Coal Consumption and India with another 500 million Tons depend on King Coal for majority of their Energy Needs.While China generates 80% of its Electricity from Coal,India generates around 65%.While both countries have Huge Reserves and Production of Coal,their voracious demand is leading to surging imports.These Imports are being sourced from countries like Australia,Canada and USA which are going through Coal Mining Booms.Ports are getting congested as Infrastructure failed to meet the growing coal needs of India and China..The Biggest Advantages of Coal its Abundance and Cheapness of Coal has made it the Fossil Fuel of Choice for Electricity Companies building power plants in developing countries despite its Drawbacks.This has led to a fight to secure Coal Supplies through vertical integration into buying up of coal mines,building ports and railways to transport Coal.Though India too faces some environmental opposition,massive ultra mega power plants with capacity of 4000 MW are getting built by new Indian private utilities.

Indian Renewable Energy Stocks – Bubble Bursting or Investor Panic

26 Jan, 2012 by Sneha Shah

Energy,Renewable Energy,Solar Energy,Suzlon,Wind Energy

Quick quiz. What is common to Suzlon, Moser Baer, Indo Solar, Websol Energy systems and Orient Green Power? All these stocks had successful runs on the stock market and hyped as the next game changers in wind energy, semi conductors, solar power and hydel/geo thermal power. Valuations were more on growth stories than through an hard nosed DCF spreadsheet. But now, they trade at record lows(like other stocks but what is different is the pressing fundamental concerns in each case). Is this a bubble finally bursting, or are investors panicking?

Suzlon cherishes an ambitious vision of being the technology leader in the wind sector, and among the top three wind companies in all the key markets of the world. It expects that by 2015, total worldwide installation of wind energy would cross 442 GW which is almost 2.3 times of the current installation. This will cover about 7.5% of the global electricity supply by then, as opposed to just 4% now. But the solar bubble collapse in Spain, France and Germany(where subsidies were almost withdrawn) has put concerns on the very business model of solar(preferential feed in tariffs at peak hours(morning/noon)), as mentioned by First Solar in its 10K filing. So with gradual withdrawal of subsidies to wind energy generators, will Suzlon be able to regain pricing power for its equipment? Even in India, the most recent round of wind energy purchase tenders, saw bidders discount the CERC approved tariffs of Rs 17.91 by nearly 30%-35%, indicating that new players are willing to slash prices to gain market share. This would impact supplier pricing as well.
Moser Baer, Indo Solar and Websol Energy systems, wanted to capitalize on the boom in demand for solar photovoltaic cells. Indo Solar wanted to take benefit of the 25% capital subsidy scheme for project capex over Rs 1,000 crores( as per the Special Incentive Package scheme announced by the Ministry of Communications and Information Technology, Government of India). But the global over supply(especially from China) backed by costs increases in key raw materials, led to EBITDA margin compressions, and short of domestic protectionism, I do not see a bright future for these stocks. While they are all trying vertical integration, entering into adjacent industries etc, the core business model is facing challenges due to global supply scenario, and price driven market.
Orient Green Power is a slightly different proposition though. In 1H’12(Sep11 half year) alone, it added 80MW of wind energy, and had 300MW generation capacity(250MW wind+50MW biomass) in operation. However, with 250MW capacity wholly in Tamil Nadu and that State Electricity Board being in financial distress, investors seem to have discounted the stock which trades at P/BV of 0.5, despite its aggressive growth plans to reach 550MW capacity by Jun’12! At market cap of Rs 610 crores(with debt of Rs 190crores), the company had an EV of Rs 800 crores(assuming the Rs 170 crores of cash offset the current liabilities of Rs 195 crores, as the loans and advances of Rs 808 crores would presumably not be liquid), which would imply an EV of Rs 2.67 crores/MW, nearly half the estimated Rs 5.3cr/MW replacement cost of that capacity.

So have the factors affecting thermal power stocks(bankruptcy like status of SEBs, increased fuel costs, project execution delays) rubbed off disproportionately on these stocks as investors blindly herd together to sell power stocks? Or is it that the favourable economics may change? For export oriented equipment manufacturers like Suzon, the subsidy withdrawal story may play out, but for domestic generators, the national solar mission and other such plans would seem to give a secure price floor and assured market to sell the generated power. These stocks are worth tracking though, as a hedge against the general power sector decline.

The paragraphs below features previous GWI takes on the above Green Stocks and is not part of Anand’s article

You can read about the GWI List of Green Companies in India

Previous GWI take on whether Suzlon is a falling Knife

Suzlon History

Suzlon,the Indian Wind Turbine making company has languished in red ink since the beginning of the Global Financial Crisis in 2008.The company started by Tulsi Tanti in 1995 was a shining example of Asian CleanTech with a 10% global marketshare and ranking amongst the top 5 Wind Turbine Makers .Suzlon buoyed by its success had bought controlling equity stakes in Turbine Gears producer Hansen Transmission and European Wind Turbine producer Repower.Suzlon wanted to leverage Repower’s technological expertise to enhance its own product offering.Like other Indian companies with global ambitions like Hindalco,Tata Steel and Tata Motors,it took on a lot of debt to buy these companies at the peak of the global economic cycle.The GFC resulted in a twin whammy for Suzlon.On one hand its end markets collapsed as project financing disappeared and on the other hand its huge debt burden became unsustainable.The company has failed to recover from the GFC as competition in the Wind Turbine industry has increased with the rise of Chinese players like Sinovel,Goldwind and A-Power.With the 2 biggest markets of USA and China dominated by domestic players,Suzlon has become a shadow of its former self.While other Indian companies have recovered strongly with the Global Economy,Suzlon continues to lose huge amounts of money.Its recent 2Q10 results were quite bad resulting in the share shedding 6% to Rs 50.This is almost 90% below its peak price in the heady days of 2008 .So is Suzlon a Fallen Angel which could turnaround to become a multibagger or a Falling Knife luring investors into further losses.Here are the pros and cons of the argument.

Orient Green Power IPO Analysis

Orient Green Power Ltd (OGPL) is India’s Largest Green Utility and is one of the areas that is a good way to invest in India’s Green Energy Sector.The company is owned by the Shriram Group and a couple of PE Players will issue around Rs 900 crores (~$180mm) which will result in a market cap of $450mm.OGPL is a relatively new company setting up and acquiring most of its 200 MW capacity in the last year which comprised of 152 MW of Wind Energy and the rest is Biomass Energy.The company plans to increase this capacity 4 fold to around 1000 MW in the next couple of years with Power Plants in India,Europe and Sri Lanka.The centerpiece of this expansion will be a 300 MW Wind Energy Plant in Tamil Nadu for which $10 million has been already been spent.The company’s past profits and cash flow have been negative which is not exactly a concern given that most of the capacity was set up in the last year or so.I like the company’s growth plans and the sector in which it operates.India suffers from a huge power deficit and Renewable Energy is being heavily promoted through Government Subsides and Renewable Energy Mandates by the CERC.Trading of Renewable Energy Certificates (RECs) should start in a year or so giving additional revenue streams to Green Energy Producers.Here are the pros and cons of the issue

(The author Anandh Sundar is from the IIM Ahmedabad 2010-12 batch, and a ranker in CA/CS/CWA exams. He blogs at http://financeandcapitalmarkets.blogspot.com/, and http://specialsituationsindia.blogspot.com/ and has a keen interest in investing)

Indian Wind Energy Developers to focus on Electricity Production than Accounting Gimmicks with Depreciation Removal in new Tax Code

18 Jan, 2012 by Sneha Shah

Energy,Wind Energy

Subsidies of different kinds are given to the Renewable Energy Industry around the world . These incentives or subsidies which they are better known as are in the form of

a) Capital Subsidies

b) Feed in Tariffs

c) Tax Breaks in form of Accelerated Depreciation

d) Renewable Energy Certificates

e) Carbon Credits.

Wind Power in India has been wildly successful and is the 5th biggest in the world because of substantial incentives from the government. One of them has been accelerated depreciation which has made hundreds of companies and rich individuals buy small wind farms. This helps them offset their tax liabilities providing a substantial 2 digit returns. However the big drawback in this from of green subsidy is that it does not incentivize the production of wind energy. Once the wind farm is set up, the incentive to produce lots of electricity is not there unlike the case of Feed in Tariff where your returns are solely based on the electricity generatino.

India is coming up with a new Direct Tax Code in April 2012 which will substantially overhaul the current tax system in the country. In this the accelerated depreciation given to wind power turbines in India will be done away with. This might lead to a dip in the wind power production addition in the country. However in the Long Term its a plus as it would force Indian Wind Energy Developers to focus more on Electricity Production than Accounting Gimmicks

Wind Energy Companies in India that will be Affected

1) Suzlon Energy – Suzlon Energy is the biggest Wind Energy Company by far with 4-5 Gigawatts of WTG Capacity per year.Its subsidiaries Hansen Transmission and RePower are also big players in the Wind Energy in Europe.The Company has seen its revenues and profits take a huge hit in recent times but has been recovering slowly.

2) RRB Energy – The company has a long history and manufactures Wind Turbines at its plants in Tamil Nadu.The Company has a capacity of 300 MW which it is expanding to 700 MW.The Company makes only 2 models with power rating of 600 Kw and 1.8 MW.Merill Lynch has made a small investment in this company.

3) NEPC India – This company was one of the wind energy heavyweights and a stock market darling earlier.However It no longer remains an active player in the Indian market .Heavy Debt and Bad Management drove to this company to the ground despite being a pioneer in the Indian Wind Power Market.

4) Auro Mira Energy – The company is more of a Green Utility rather than a full fledged WEG manufacturer.It has made plans to manufacture Wind Turbines in the future.It has attracted funds from Baring and IFC to push forward its Green Plans.Auro Mira Energy is a Tamil Nadu based Green Utility backed by a clutch of PE investors like IFC etc.It has 2 biomass plants of 7.5 MW and 10 MW and plans to build around 100 MW of hydro and biomass capacity over the next 2-3 years.

5) Regen Powertech – It is a small scale WTG Supplier like RRB Energy which recently set up a small 300 MW manufacturing facility in Tada,Andhra Pradesh recently.The company licenses technology from Vensys to manufacture 1.5 MW gear-less Wind Turbines.The company has managed to supply both big and small wind farms over the last 2 years.The company is supported by the PE arm of Future Group.

6) WinWind – The company is not exactly a domestic company rather one with a Finnish Origin.It is owned by the Abu Dhabi Masdar ,Siva Group and the government of Finland.It has recently established a 1000 MW capacity in Venga,Tamil Nadu and also has a 500 MW plant in Finland as well.The company plans to producer 3 MW Turbines at its Indian plant as well.

7) Pioneer Wincon – The company is a JV between the Pioneer Group and Wincon of Denmark.It makes small 250 KW Turbines and is a bit player with 30 years of operations in India.The Company remains a small static player in the Wind Energy Market of India.

Chiranjeevi Wind Energy – A Small bit player like Pioneer Wincon which engages mostly in the sale of small 250 KW Wind Turbines.Like Pioneer Wincon it has sold a number of these Turbines to small companies mainly in the Southern Part of India.

9) Lietnar Shriram Limited – The company is a 50:50 JV betwen the Shriram Group of India and Lietnar of Italy.The company makes gearless turbines of 1.5 MW capacity and has supplied to small farms in Maharashtra.The company has a major inhouse customer in the form of Orient Green Power which is building a 300 MW farm in Tamil Nadu using Lietnar Shriram Wind Turbines.

10) Kenersys – The company is part of the Baba Kalyani Group which is a major forgings manufacturer in India.It was bought over in 2007,when the Kalyani Group and PE firm First Reserve bought over the German company RSB Consult.The Company mainly makes 2 and 2.5 MW turbines and has production facilities both in India and Germany.It has wind design capabilities between 1-3.6 MW and with a powerful parent, it could become a success in the future.Amongst the newer wind energy companies like Lietnar,RRB Energy,Regen and WinWind,it looks like the one with most potential

Source – http://www.bloomberg.com/news/2012-01-17/india-may-end-tax-break-for-wind-farms-this-year-official-says.html

How to Play 25 GW Chinese Annual Wind Capacity Increase for 38 Years – Sinovel and Goldwind

6 Jan, 2012 by Sneha Shah

China,Wind Energy

China adds around 100 GW of Electric Power Capacity each year to meet the growing energy demands of its population. Most of it is thermal power which is becoming costlier besides the dangerous disadvantages of coal. China has been trying to increase its hydro and nuclear power capacity, but nuclear energy has received a setback with Fukushima. Solar Power in China is also increasing but it will take time as well to satisfy the electricity deficit. China is already the largest wind power market in the world installing almost 50% of the wind capacity in 2010.I t intends to keep up the furious pace of wind turbine installations at around 25 GW per year for the next 35 years to reach 1000 GW by 2050. China already has around 7 of the top 15 wind turbine producers. However a vicious price war has thrown a lot of the wind producers into bankruptcy.

The large ones like Sinovel, Goldwind and possibly Ming Yang power will benefit from this purge.With plans for offshore wind power and increasing the wind farm capacity of its western provinces,wind turbine markers in China stand to benefit for a long time. Note Goldwind and Sinovel are listed on HK and Shanghai while Ming Yang is the only Chinese wind company listed in the USA. I don’t think foreign wind turbine producers would benefit too much as Chisese state owned companies like Datang prefer domestic wind makers. Though GE,Vestas,Suzlon and other are trying to expand in China ,don’t think their efforts would lead to too much in revenues.

Offshore Wind Power in China

China is now planning to set a target of 30 GW of Offshore Wind Energy by 2020 which means a 300x growth from its current installed base of only 100 MW.This will make it rival United Kingdom which aims to harvest massive amounts of electricity from its North Sea wind resource.Top Chinese Wind Energy Companies like Sinovel, Goldwind, Ming Yang have already developed or/are in the process of developing wind turbines of 5 MW capacity or more to target this fastest growing wind segment. Sinovel the largest wind energy company in the world has already supplied the wind turbine for the Shanghai farm. Note top offshore wind companies like Siemens,Vestas are already jostling to take a first mover advantage in this technologically complex segment.Even non traditional players like the Korean shipmakers Daewoo,Samsung,Hyundai as well as US Defence Major Northrup Gruman are also preparing to take a slice of this upcoming multi billion industry.

List of Global Wind Turbine Companies

1) Vestas – Vestas the largest Wind Turbine Company in the World has been facing one setback after another.The Danish Company which used to be a Green Investor Favorite till a couple of years can’t seem to find a buyer these days.Stiff competition from China,Slowdown in Wind Energy Farms in the West and now Wind Blade Problems have formed a perfect storm for this company.

2) General Electric (USA) – General Electric is looking to Invest Heavily in the new Age Green Industry like other Industrial Giants like Siemens,ABB etc.General Electric or GE as it is popularly known is one of the biggest players in the Green Industry globally.It generated $18 billion in Ecomagination revenues in 2009 with $1.5 Billion in Investment.General Electric like other industrial conglomerates like Siemens,Areva and others are in fact low risk plays in the Green Investing sector.GE is strong across most of the Green Sectors today particularly in the area of Smart Grid and Energy Efficiency.GE has a 40-50% marketshare of the US market which is the 2nd largest in the world.Due to its vertical integration,it has one of the highest margins in the industry and remains a formidable player with its acquisition Enron’s Wind Turbine arm proving to be a masterstroke.

3) Gamesa (Spain) – Gamesa the Spanish Wind Turbine Producer and Wind Farm Operator has faced the worst year of its history in 2010.Like Vestas and Suzlon,2010 has been a cruel year for the Wind Industry in the Western Markets and the WTG Players dependent on those markets.Gamesa is one of the worst performing Wind Energy Stocks in 2010.Gamesa is looking to restructure its operations and concentrating on the offshore wind market by focusing on higher megawatt turbines.Gamesa is leading a massive Spanish Research Effort to develop a colossal 15 MW Turbine meant for the fast growing offshore wind sector.But this is a long term plan with 2020 set as the target for the complete development of this new Turbine.Meanwhile Gamesa has become the target of takeover speculation by one of the bigger Chinese Wind Turbine players like Sinovel,Goldwind etc.Gamesa has seen its revenue fall by 28% and profits by 71% with Operating Margins of 4-5%.Things don’t look too good for 2011 either though Orders have started ticking up

4) Suzlon Energy is the biggest Indian Wind Energy Company by far with 4-5 Gigawatts of WTG Capacity per year.However Suzlon has languished in red ink since the beginning of the Global Financial Crisis in 2008.The company started by Tulsi Tanti in 1995 was a shining example of Asian CleanTech with a 10% global marketshare and ranking amongst the top 5 Wind Turbine Makers .Suzlon buoyed by its success had bought controlling equity stakes in Turbine Gears producer Hansen Transmission and European Wind Turbine producer Repower.Suzlon seems to be recovering with increase in orders particularly at its German subsidiary RePower,however a huge debt burden poses problems.

5) Siemens – The largest Green Company in the world,Siemens has a strong presence in the Wind Turbine Segment.The company is strong in Europe and is now expanding to emerging markets like Asia.Given its huge technological strengths in electrical equipment,power transmission and large project construction,Siemens is looking for a dominant role in the growing offshore wind market as well.

6) Goldwind – The Wind Energy Market in China has witnessed the growth of almost 90 companies with little differentiation competing fiercely on prices.This has led to low to zero margins for most of these companies.Goldwind has managed to rise above the competition by becoming the single largest Chinese player and looks to takeover the No.1 position in the world in the next few years.By taking bold risks and with the support of the government,Goldwind has become a threat to the established Wind Turbine Order

7) Sinovel – The 2nd largest Chinese Wind Power Company managed to do a successful IPO in Hong Kong last year despite long delays.The company is looking to expand in the foreign markets particularly the US market and has gotten a local management to help it penetrate the newer market.

Dongfang Electric – Dongfang Electric Corporation,China’s largest power equipment producer is also the 3rd biggest Wind Turbine Producer in China as well .The company has managed to grow impressively like the rest of the Chinese and is looking to expand in foreign markets as well.Recently bagged a 276 MW $203 million WTG supply contract with Abhijeet Group.

9) Ming Yang Power- Ming Yang is the only significant non-state owned Chinese Wind Energy Company with a 2009 marketshare of around 4%.The Company has a very short history installing its first Wind Turbine just 2 years ago and has seen an exponential growth riding on the incredible Wind Industry Growth in China.

10) Mitsubishi Heavy Industries , the massive Japanese Conglomerate is looking to overseas market for growing its Wind Energy Division.Mitsubishi like other Japanese companies are looking towards Green Industry for growth.Japan already possesses solid strengths in this area with its traditional focus on resource efficiency.While companies like Panansonic and Toyota looks towards Electric Vehicles and Batteries,Sharp and Kyocera towards Wind Energy,Mitsubishi is focusing its energy on the Wind Sector.

11) Enercon – Enercon is a privately listed German company which has almost 22 GW of Wind Turbine Installations in the world.Enercon was the first company to build a gearless Wind Turbine which is one of the biggest innovation in the Wind Energy Industry in recent times.

12) Nordex – Nordex is another German company in the Wind Turbine Industry which was the first one to build a 1 MW Turbine.The company has not managed to grow fast as the other German companies like Enercon,RePower and Siemens.

13) United Technologies Corporation (UTC) – This US Giant Technology Conglomerate is still a small player in the World Wind Power Market.However it has increased its footprint by acquiring struggling independent US Wind Power company Clipper.

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