Wine turbine maker Xinjiang Goldwind Science and Technology (002202,2208.HK) said the Xinjiang State-owned Assets Supervision and Administration Commission will set up a new energy group with registered capital of one billion yuan, reports Oriental Morning Post, citing a company filing.

The new group will engage in the research of solar energy, wind power, and PV power, and the manufacture of related parts.

A total of 200 million yuan will be injected in the first phase, and the remaining 800 million yuan will comprise of shares of Goldwind owned by Xinjiang Wind Energy and China Water Investment Group. Both companies are shareholders of Goldwind.

According to Goldwind, Xinjiang Wind Energy's stake in the company will remain at 13.95 percent after the completion of the transaction.

Source:capitalvue.com