General Electric (GE) has already established a presence in the China wind energy market, supplying them with nearly 1000 wind turbines and today the company is announcing it will be a bigger player after securing a joint venture deal with a subsidiary of Harbin Power Equipment. The venture between the two companies will manufacture GE designed turbines for onshore and offshore wind farms. Harbin will be the majority owner with a 51% stake.
"This is an important investment in China for GE and one that will enable us to participate in the tremendous growth potential of the Chinese wind turbine segment," said Jack Wen, president and CEO of GE Energy China. "By teaming up with Harbin, GE can deliver our advanced wind power solutions to our local customers in China to help meet the country’s need for cleaner energy."
With electricity demand growing 12% per year in China and the government wanting to increase wind energy capacity 5-6x over the next 10 years, it should be a profitable relationship for years to come.