Chinese wind power firms lifted by project approvals

Share prices for wind power companies and equipment suppliers climbed Wednesday after authorities approved over 100 new wind power projects.

Sinovel Wind Group Co., one of China's leading wind turbine producers, surged 4.13 percent to 5.29 yuan (0.84 U.S. dollars). Shares of Xinjiang Goldwind Science & Technology Co. gained 0.95 percent to 5.32 yuan. XJ Electric Co. rose by the daily 10-percent limit to 18.83 yuan.

The projects are spread over 16 provincial-level regions in central and east China, including Shanxi, Zhejiang, Fujian, Shandong, Hubei and Hunan, Wednesday's China Securities Journal reported.

Many Chinese wind farms are sitting idle, as the speed at which they have been connected to the country's power grid has lagged behind the speed of the sector's expansion.

However, the new projects' grid connection issues have already been settled, the newspaper cited industry analysts as saying, adding that the projects will benefit wind power developers and equipment suppliers struggling over a shortage of orders.