Goldwind profits leap as China eyes new wind surge

Turbine giant Goldwind boosted profits sharply in the third quarter as China's wind sector set massive new expansion goals.

Goldwind and other Chinese wind power players this week signed up to an ambition to add at least 120GW of capacity annually through to 2030, which would be double the average installation level over recent years.

That figure includes 15GW of annual offshore wind installations.

The Chinese wind industry reckons it can have 2,000GW in place by 2035 up from almost 600GW now, but previous growth surges have been accompanied by cut-throat competition that has put pressure on profitability.

Goldwind reported a net profit of about 1.1bn yuan ($154m) in the July-September period, a 171% uplift on the same period in 2024.

Operating income grew by a quarter to 19.6bn yuan.

The manufacturer said its total order book now amounts to 52.5GW, including internal and unsigned contracts, an 18% year-on-year uplift. Of those just over 7GW were for overseas customers.

Goldwind, the world’s largest wind turbine supplier by capacity installed, is along with peers such as Mingyang and Envision leading China’s domestic push as well as seeking new international markets.

In global markets Goldwind has set up shop as far afield as Brazil but Chinese players are facing resistance in European markets concerned about the impact on domestic suppliers.

Goldwind’s international chief recently claimed that western markets would be sacrificing cheaper power if they lock Chinese players out.