Siemens (NYSE: SI) and Shanghai Electric signed corresponding agreements on Dec. 8 with intentions to set up two new joint ventures to form an alliance for the Chinese wind power market. Siemens said the aim of the alliance is to better serve China as the world's largest wind power market.
In each of the two joint ventures, Siemens will have a stake of 49 percent and its Chinese partner Shanghai Electric 51 percent. One of the joint ventures will be engaged in research and development and production of wind turbine equipment for the Chinese market and for Siemens' global supply network. The second joint venture will be responsible for wind turbine equipment sales, marketing, project management and execution as well as service in China.
The agreements are subject to the approval of the anti-trust authorities.
Read more wind energy news