In an announcement to the Shanghai Stock Exchange, the Chinese manufacturer announced a raft of cuts as it continues to wrestle with its financial difficulties.
By cutting the funding to the R&D facility as well as scaling back its plans for two offshore manufacturing bases, the company expects to save around CNY 930.5 million ($63.8 million).
In October, Sinovel said it had almost completed its design of the 10MW turbine and is currently in talks with suppliers about providing components for the machine. A prototype has been reported to be expected by the end of 2015.
The offshore manufacturing bases that will be hit are connected to the 1GW Yancheng offshore zone and the 10GW onshore Jiuquan zone. It is not clear what effect this will have on the scale of the associated projects.
Along with these cuts, Sinovel said it will scrap plans to build four further manufacturing plants to save CNY 1.7 billion.
Factories in Hebei Laoting, Yunnan Chuxiong, Shanxi Datong and Jiangsu Yancheng port will now not go ahead as planned.
Sinovel warned in January that it expects its 2013 losses to have increased fivefold compared with 2012 to as much as CNY 3 billion, following a turbulent year.
But the company had been adament that it would go ahead with its 10MW offshore turbine. In October, Sinvovel said that the design was almost completed.
According to China's Ministry of Science and Technology, which partly funded the project, a prototype is expected to be installed by the end of 2015.
Sinovel did not comment on the likely effect of the cut in funding on this projected date.
.png)
HR.jpeg)
.png)
