Siemens and Shanghai Electric join for China offshore push

Siemens has carved out a leading offshore wind position in Europe

Siemens has carved out a leading offshore wind position in Europe

Shanghai Electric and Siemens will together invest €169.1m ($226m) to set up two wind-power equipment joint ventures that will merge both companies’ wind businesses in China.

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. Siemens will invest €34m for the remaining stake.

The business will be renamed SmartPower Wind Turbines Shanghai Log in to read complete article.

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