Siemens and Shanghai Electric join for China offshore push

The long-expected deal will see the Chinese company take a majority stake in a business targeting both domestic and global markets, with a focus on offshore products.

The venture will leverage Shanghai Electric’s existing wind-turbine manufacturing capacity and Siemens’ offshore technology.

Under the agreement, Shanghai Electric, China’s sixth-largest turbine maker, will invest €31m for a 51% stake in Siemens Wind Power Turbines (SWPT), a unit set up by the German group in Shanghai last year.