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Yahoo! My Yahoo! Mail More Yahoo! Services Account Options New User? Sign Up Sign In Help Yahoo! Search web search Home Singapore Asia Pacific World Business Entertainment Sports Technology Singapore Asia Pacific World German wind power firm to withdraw from Taiwan AFP - Friday, February 26 Send IM Story Print German wind power firm to withdraw from Taiwan TAIPEI (AFP) - – Germany-based InfraVest, the largest private wind power company in Taiwan, said Friday it will withdraw from the island because it does not have confidence in the government's energy policies. InfraVest said a newly announced government purchasing price for wind power was below the cost of producing it, forcing the company to concentrate on mainland China instead. The island's government has agreed to pay 2.38 Taiwan dollars (seven US cents) per kilowatt hour, which is lower than the company's cost of around 2.8 dollars. "InfraVest will incur losses on such a low purchasing price. We can't help but doubt the government's determination to develop renewable energy," company vice president Wang Yun-yi told AFP. "We have decided to withdraw from Taiwan and refocus our greater China operations on the mainland instead of Taiwan," she said. InfraVest has invested more than 10 billion Taiwan dollars in the island since it arrived in 2000, according to Wang. Currently, InfraVest runs three wind farms in Taiwan, while construction of another two farms has just ended, and trial operations have begun. She said the company will dispose of its Taiwan assets, but she did not disclose a timetable. The economics ministry said it will communicate with InfraVest, hoping to reverse its decision to withdraw from Taiwan. "The new purchasing price was set after careful studies, higher than the previous 2.00 dollars," said Wang Yun-ming, deputy director of the ministry's energy bureau. "Taiwan has a great potential in developing wind energy, and with costs falling the price is fair." Wang said the government was determined to push for renewable energy and will not change its stand. "We will continue to provide tax incentives to operators and help them resolve problems regarding land procurement for factory construction," he said. Recommend Send IM Story Print Related Articles US STOCKS SNAPSHOT-Wall St dips after home sales data Reuters - 55 minutes ago India unwinds tax cuts, trims deficit AP - 57 minutes ago Greek roadshows delayed, not cancelled - finmin official Reuters - 1 hour 11 minutes ago GLOBAL MARKETS WEEKAHEAD-Snow-blind investors & more Greek debt Reuters - 1 hour 12 minutes ago Thai court seizes $1.4 bln of Thaksin family wealth Reuters - 1 hour 14 minutes ago News Search Top Stories US economy surged 5.9% in fourth quarter British economic growth data revised upwards Lloyds bank suffers 2009 loss as bad debts rocket UN to review controversial climate panel Lloyds bank posts major losses More Top Stories » ADVERTISEMENT Most Popular Most Viewed Most Recommended Florida killer whale to stay in park after deadly attack China may be hiding US Treasury bonds: experts 'Zombies' have free speech rights too, US court rules Tearful Toyota chief says sorry for auto defects Date-rape drugs, illegal online pharmacies on rise More Most Viewed » Third-hand smoke also bad for you: study Florida killer whale to stay in park after deadly attack DNA reveals some mystery on King Tut, raises questions Pitt, Jolie sue British paper over split claims Sugary soft drinks linked to pancreatic cancer: study More Most Recommended » Elsewhere on Yahoo! Financial news on Yahoo! Finance Stars and latest movies Best travel destinations More on Yahoo! News Home Singapore Asia Pacific World Business Entertainment Sports Technology Subscribe to our news feeds Top StoriesMy Yahoo!RSS » More news feeds | What are news feeds? Also on Yahoo Answers Groups Mail Messenger Mobile Travel Finance Movies Sports Games » All Yahoo! Services Site Highlights Singapore Full Coverage Most Popular Asia Entertainment Photos Copyright © 2010 Yahoo! Southeast Asia Pte. Ltd. (Co. Reg. No. 199700735D). All Rights Reserved. Terms of Service | Privacy Policy | Community | Intellectual Property Rights Policy | Help

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