SHANGHAI (Bloomberg) — China WindPower Group Ltd., the Bermuda-based renewable energy company, plans to invest about HK$900 million ($116 million) in wind farms this year after posting a 55 percent gain in nine-month profit on higher demand.

The Hong Kong-traded company aims to build 10 to 12 wind farms in 2010, nearly doubling its capacity to about 1,066 megawatts, according to a statement released yesterday.

China WindPower said earlier that net income rose to HK$181.2 million in the nine months to December from HK$116.8 million a year earlier.

China, the world's second-biggest energy consumer, targets to increase its capacity to produce power from wind fivefold by 2020 to help combat climate change, the government has said.

The country's wind-power capacity will rise to 100,000 megawatts by then from at least 20,000 megawatts in 2010, National Energy Administration head Zhang Guobao said on May 26.

Revenue in the nine months climbed to HK$562.6 million from HK$379.4 million, according to today's company statement. Power generation in the period increased to 296 million kilowatt-hours, a gain of 75 percent, the company said.

China WindPower plans to build 10 to 12 wind farms each year until 2015 as demand increases for renewable energy in China, executive director Samantha Ko said in an interview. Investment of about HK$900 million will be needed each year and the company should have enough cash in hand and profit to cover the investment, she said.

The company is conducting research on developing offshore wind projects, hybrid wind-solar farms and may invest overseas, although no firm plans have been made, Ms Ko said.

The shares rose almost fourfold in Hong Kong trading over the past 12 months, compared with an 87 percent gain in the benchmark Hang Seng index. The stock fell 4.3 percent to 90 Hong Kong cents yesterday.