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Harbin Power And General Electric Form Joint Venture
By Richard Fu |
September 29, 2010, Wednesday
|
Print Edition
Print Edition
GENERAL Electric Co and China's Harbin Power Equipment Co have formed a joint venture to make near shore and offshore wind turbines in Jiangsu Province.
GE estimates that the Chinese wind market is worth about US$13 billion and is expected to expand sixfold to 150 gigawatts by 2020. In particular, the offshore sector is set to boom in the coming two to three years, it said yesterday.
Harbin Electric Machinery Co, an 89.6 percent owned subsidiary of Harbin Power, will own 51 percent of the venture valued at 186 million yuan (US$27.8 million) and GE will own 49 percent of the venture valued at 179 million yuan.
The venture will use 3.5 megawatt wind turbines as the main model, according to Hong Kong-listed Harbin Power.
The Harbin Power subsidiary will also acquire a 49 percent stake in GE's existing Shenyang factory in Liaoning Province. The factory makes 1.5MW onshore wind turbines.
GE estimates that the Chinese wind market is worth about US$13 billion and is expected to expand sixfold to 150 gigawatts by 2020. In particular, the offshore sector is set to boom in the coming two to three years, it said yesterday.
Harbin Electric Machinery Co, an 89.6 percent owned subsidiary of Harbin Power, will own 51 percent of the venture valued at 186 million yuan (US$27.8 million) and GE will own 49 percent of the venture valued at 179 million yuan.
The venture will use 3.5 megawatt wind turbines as the main model, according to Hong Kong-listed Harbin Power.
The Harbin Power subsidiary will also acquire a 49 percent stake in GE's existing Shenyang factory in Liaoning Province. The factory makes 1.5MW onshore wind turbines.
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