Chinese turbine manufacturer Xinjiang Goldwind Science & Technology Co Ltd is committed to further expanding its presence abroad with the acquisition of its first overseas wind turbine manufacturing plant in Brazil.

The company finalized an agreement with General Electric to acquire the Camacari assembly plant located in Bahia state, Brazil, in May, which is set to commence mass production of wind turbines by the end of 2024, creating more than 1,000 jobs in the region, it said.

Optimistic about the long-term prosperity of the Brazilian wind power market, which is committed to doubling its wind power sector in size by 2030 with investments projected to reach 246.5 billion yuan ($34 billion), Goldwind said its investment in Brazil will better enhance local supply chains while taking advantage of the rich wind resources in the region.

Goldwind maintained its pole position as the world's leading wind turbine supplier, commissioning 16.4 gigawatts of projects last year, 95 percent of which were in its home market, according to the 2023 Global Wind Turbine Market Shares report from BloombergNEF.

It also had the highest overseas newly installed capacity of all Chinese industry players last year at 748 megawatts, which accounted for less than 5 percent of the company's total newly installed capacity of 16.4 GW, leaving massive potential for further growth.

While Chinese wind turbine manufacturers used to struggle to compete with international giants, the country's wind turbine makers have since gained significant competitiveness in the global market thanks to technological advances.

As of April 2023, around 60 percent of the world's wind power equipment was produced in China. Chinese manufacturers are also expanding their presence overseas.

Last year, four of the top five companies in global wind power newly installed capacity rankings were Chinese companies, BloombergNEF said, adding that Chinese wind turbines are sold at prices approximately 20 percent lower than their Western counterparts, making them more competitive on the global stage.

Goldwind, as one of the earliest wind power companies to go global, now sees its business operations spanning 38 countries across six continents. Over the past three years, Goldwind's newly installed wind power capacity has consistently ranked among the top three globally, according to BloombergNEF.

Brazil represents Goldwind's first international market. In 2021, the company delivered its first wind turbine project to the country with a total installed capacity of 82 MW. To date, Goldwind's installed capacity in Brazil has reached 662 MW, it said.

The company made a debut in the Philippines market in May with the 100.8 MW Kalayaan 2 project, which is set to deploy 17 units of 6 MW turbines, with Goldwind to offer a full suite of services from supply and transportation to installation, commissioning and a 10-year maintenance program.

Currently, 50 percent of China's wind turbine exports are made by Goldwind, with installations in North America, Oceania, Asia and South America exceeding 1 GW, it said.

While the company's export revenue share from such products remains relatively small, it has shown significant growth. The proportion of international sales in total revenue has increased from 9.23 percent in 2022 to 15.54 percent currently, it said.