BWEN - Get Report) shows, down 78% this year among a nadir in the U.S. wind market project market. With the cash grant program that had spurred the development of many alternative energy projects set to end this year, and the base of tax equity investors available to fund alternative energy projects in 2011 using the old investment tax credit approach much debated, the outlook for the U.S wind market remains tenuous.
MY completed its IPO, though it priced at the bottom of its estimated range of $14 to $16. The 25 million shares Ming Yang Wind Power IPO raised $350 million. Shares of Ming Yang have since fallen to $10. In the broader alternative energy IPO context, Chinese offerings have been the recent successes, if they can be called successes pricing at the low-end of the IPO range on more than one occasion. China's Jinko Solar ( JKS - Get Report) also priced at the low end of its IPO range when it went public, and fell to a level below the IPO price shortly after its May offering. However, with the strength in the solar market since July, Jinko Solar shares have climbed from $10 to $30. -- Written by Eric Rosenbaum from New York.
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