Quick Take: Blustery Ambitions Power New Joint Venture with General Electric
US conglomerate General Electric Co. has formed a joint venture with Harbin Electric Machinery Co. Ltd. in a bid to tap Beijing’s ambitious plans to build up the nation’s wind-energy sector.
The venture will manufacture GE-designed wind turbines, with Harbin Electric holding a 51% stake. As part of the deal, Harbin Electric will also buy 49% of GE’s existing GE Shenyang Wind factory, which also makes wind turbines.
China has embarked on an ambitious program to build up its renewable energy sector over the last five years, banking on power from wind, solar, hydro and geothermal to lessen its current reliance on dirtier fossil fuels. China is already the world’s biggest consumer of wind turbines, with the nation’s wind power capacity expected to reach 150 gigawatts by 2020, up sixfold from 2009.
But the aggressive buildup has also been a source of controversy, with many projects in China’s interior regions ending up as white elephants due to poor planning that makes them unable to connect to the national power grid.
Contact reporter Yang Ge (geyang@caixin.com)
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