13 Dec '11, 2pm

Siemens, Shanghai Electric Form China Wind Energy Alliance

Siemens, Shanghai Electric Form China Wind Energy Alliance

Siemens and Shanghai Electric have agreed to set up two new joint ventures investing a total of $226 million for the Chinese wind energy market. Under the terms outlined , Shanghai Electric will transfer all its wind power business to the two joint ventures. Siemens will hold a 49% stake in each of the joint ventures, while Shanghai Electric will have the remaining 51% interest. The first venture, SmartPower Wind Turbine, will focus on research and production of wind turbine equipment for the Chinese market and for Siemens' global supply network. While the second, Shanghai Electric Wind Energy, will specialize in sales, marketing, project management and other services. The two companies have been working together for several years in power generation. According a company statement , Shanghai Electric will use Siemens technology as it seeks to develop offshore wind farms "f...

Full article: http://www.greenbiz.com/blog/2011/12/13/siemens-shanghai-...

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