Recently, wind power giant Goldwind Technology announced plans to invest 18.92 billion yuan to build a wind power hydrogen ammonia alcohol integration project in Bayannur City, Inner Mongolia. The plan includes the development of 3 GW of wind power installed capacity, 80% of which will be used for electrolyzing water to produce green hydrogen, and subsequently producing 600000 tons of green methanol and 400000 tons of green ammonia annually. The project is currently awaiting government approval and filing.

Goldwind Technology stated that this investment aims to improve its business layout, leverage the abundant wind and biomass resources in Bayannur, and build a comprehensive solution capability of "wind power+green chemical industry". The project funds will come from self owned funds and bank loans in the future. But according to the company's 2024 semi annual report, as of the end of June, its monetary funds were 9.586 billion yuan, total assets were 161.553 billion yuan, and the asset liability ratio reached 73.08%. The existing funds are difficult to fully cover this huge investment. Interface News contacted Goldwind Technology regarding funding arrangements and project details, but as of press time, there has been no response.

The hydrogen ammonia alcohol integration project uses green hydrogen as an intermediate carrier to ultimately produce green ammonia and green methanol, usually located in new energy enrichment areas. This project is not only expected to enhance the local new energy consumption capacity, but also to achieve cross cycle regulation and stable energy output through chemical conversion. Due to its superior natural resources, Inner Mongolia is becoming a hot spot for the landing of numerous green hydrogen and green ammonia projects.

According to the announcement, the Bayannur Municipal Government has promised to provide the most favorable support policies for Goldwind Technology, assist in handling grid access, implementing stable carbon sources, and product sales channels. This government endorsement provides important guarantees for the advancement of the project.

As the wind power leader with the highest installed capacity in China for 14 consecutive years and the world's number one for three consecutive years, Goldwind Technology has continued to expand its "wind power+" emerging business in recent years, laying out directions such as hydrogen energy, energy storage, and energy carbon management. Although the company achieved a revenue of 28.537 billion yuan in the first half of 2024, a year-on-year increase of 41.26%, and a net profit attributable to the parent company of 1.488 billion yuan, a year-on-year increase of 7.26%, which is considered stable among peers, the entire wind power industry still faces the common challenge of "increasing revenue without increasing profits".

Goldwind is not the only wind power company that has laid out hydrogen ammonia alcohol. Yuanjing Technology has invested in the world's largest green hydrogen and green ammonia project in Chifeng, Inner Mongolia, with the first phase of 320000 tons already put into operation in July this year; Mingyang Intelligent actively promotes the integrated strategy of "wind solar hydrogen storage and combustion" and advances the international green fuel agreement; Yunda Corporation has also invested over 20 billion yuan in Jilin to develop biomass to green methanol and supporting wind and solar energy storage projects.

According to statistics, since 2024, at least 13 billion level green hydrogen ammonia alcohol projects have been signed or filed nationwide. Behind this investment boom, there are both "dual carbon" targets driving and sustained policy encouragement. In October 2024, the National Development and Reform Commission and six other departments issued the "Guiding Opinions on Vigorously Implementing Renewable Energy Substitution Action", which clearly proposed to encourage renewable energy hydrogen production and explore the construction of integrated bases for wind solar hydrogen ammonia alcohol.

This type of project not only helps alleviate the problem of wind and solar power curtailment in the northwest region, but also improves system economy through energy conversion. In addition to onshore projects, the integration of marine hydrogen ammonia alcohols is also gradually emerging. In April of this year, the first project of its kind in China was completed in Yantai, Shandong, aiming to utilize offshore wind power to produce hydrogen and convert it into ammonia and methanol, directly serving the fuel demand of port ships.

Despite its broad prospects, green hydroamyl alcohol still faces challenges such as high costs, insufficient technological maturity, and lack of infrastructure. According to the China Hydrogen Energy Alliance, without considering carbon benefits, the cost of green ammonia is still higher than that of traditional grey ammonia, with hydrogen accounting for an absolute proportion. In addition, the fluctuation of wind and solar power generation poses higher requirements for the stability of hydrogen production in electrolytic cells, and there are also bottlenecks in the storage and transportation process.

Goldwind Technology's significant investment not only demonstrates its determination to layout the entire green energy chain, but also reflects the strategic trend of wind power enterprises transforming from single equipment manufacturing to "energy solution" providers. However, how to balance massive investment with financial stability, and overcome technological and cost barriers remains a practical challenge that such cross-border projects must face. Editor/Xu Shengpeng