Sep 29 2010
GE declared the formation of a partnership with Harbin Electric Machinery Co Ltd (HEC) an auxiliary company of Harbin Power Equipment Co Ltd for the production and delivery of wind turbines to its clients in China.
The signed deal empowers GE to contend for a place in the Chinese wind segment estimated to be around $13 billion.
The newly formed company will produce GE designed wind turbines for use in near-shore and offshore usages in China. The partnership will have a 51% participation from HEC and 49% ownership from GE. As a part of the deal HEC has agreed to purchase 49% of the holdings in the Shenyang Wind factory owned by GE which produces land based wind turbines. GE will participate in the new venture by providing its direct drive wind turbine technology for use in offshore wind turbines. The partnership will also offer the clients, support in sales as well as in the installation and servicing of wind turbines for efficient functioning.
Jack Wen, GE Energy China’s CEO, said that the investment is important to GE and it will allow the company to enter and grow with the high potential Chinese wind turbine sector. He added that the partnership with Harbin will allow GE to deliver its sophisticated wind energy solutions to the clients in China and in helping the country to meet its clean energy needs.
Gong Jing Kun, Harbin Electric Corporation’s, Chairman expressed his happiness about the continuing relationship with GE since the year 2004. He concluded saying that the combined techno capabilities of the companies will allow the new venture to offer better wind technologies to its clients.