Chinese industrial group Shanghai Electric set up a new renewables development business with “an eye on international markets”.

Shanghai Electric New Energy Development will start life with a 3bn yuan ($444m) investment from the main parent group and Shanghai Electric’s wind power business with a goal to “become the most integrated and innovative provider of renewable energy projects and full lifecycle services”.

The newly formed business has the giant Chinese domestic sector as its “initial area of expansion [with] an eye on expanding into international markets”.