By Andrew Lee in London

Thursday, February 26 2015

Goldwind saw its profits soar more than 300% last year as it kept up the growth momentum that has made it China’s biggest wind turbine OEM.

The company delivered a net profit of 1.83bn yuan ($292m) in 2014, a 328% uplift on the previous year, according to preliminary results.

Goldwind said the big profits boost came was thanks to increased sales – 44% to 17.7bn yuan – plus better cost control and the disposal of a subsidiary.

Goldwind was the world’s number-three wind turbine OEM in 2014, according to preliminary figures from FTI Consulting.

Goldwind has reaped the benefits of China’s massive wind expansion, as well as winning business in key overseas markets.

The Chinese group in 2014 wrapped up deals in markets including Romania and Panama, forged a joint venture in Korea and installed a test version of 6MW offshore wind turbine in China.

This week the company’s Goldwind USA unit launched a new 2.5MW turbine aimed at low-wind sites in the Americas